Large accelerated filer ☐	Accelerated filer ☐	Non-accelerated filer ☑	Smaller reporting company ☐
		~~(Do not check if a smaller reporting company)~~
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section ~~7(a)(2)(B)~~13(a) of the Securities Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

TABLE OF CONTENTS

			Page
PART I — FINANCIAL INFORMATION

	Item 1.	Financial Statements.

		Condensed Schedules of Investments as of ~~March 31,~~September 30, 2018 and December 31, 2017 (Unaudited)	1-4

		Statements of Financial Condition as of ~~March 31,~~September 30, 2018 and December 31, 2017 (Unaudited)	5

		Statements of Operations for the Three Months and Nine Months Ended ~~March 31,~~September 30, 2018 and 2017 (Unaudited)	6

		Statements of Cash Flows for the ~~Three~~Nine Months Ended ~~March 31,~~September 30, 2018 and 2017 (Unaudited)	7

		Statements of Changes in Unitholders' Capital (Net Asset Value) for the ~~Three~~Nine Months Ended ~~March 31,~~September 30, 2018 and 2017 (Unaudited)	8-9

		Financial Highlights for the Three Months and Nine Months Ended ~~March 31,~~September 30, 2018 and 2017 (Unaudited)	10-13

		Notes to Financial Statements (Unaudited)	~~14-23~~14-24

	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	~~24-28~~25-33

	Item 3.	Quantitative and Qualitative Disclosure About Market Risk.	~~28-32~~34-38

	Item 4.	Controls and Procedures.	3238

PART II — OTHER INFORMATION

	Item 1.	Legal Proceedings.	3339

	Item 1A.	Risk Factors.	3339

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	3339

	Item 3.	Defaults Upon Senior Securities.	3339

	Item 4.	Mine Safety Disclosures.	3339

	Item 5.	Other Information.	3339

	Item 6.	Exhibits.	~~34-35~~40-41

SIGNATURES		36	42

Table of Contents

THE CAMPBELL FUND TRUST

CONDENSED SCHEDULE OF INVESTMENTS

~~MARCH 31,~~SEPTEMBER 30, 2018 (Unaudited)

FIXED INCOME SECURITIES

Maturity
Face Value
Description
Fair
Value ($)

% of Net
Asset Value

Asset Backed Securities
United States
Auto Loans $ 21,351,644 4.20 %
Credit Cards 11,956,044 2.35 %
Equipment Loans 485,311 0.10 %

Total Asset Backed Securities (cost $33,976,008)
33,792,999 6.65 %

Bank Deposits
United States
Financials 4,289,399 0.85 %

Total Bank Deposits (cost $4,295,269)
4,289,399 0.85 %

Commercial Paper
Canada
Financials (cost $7,855,515) 7,838,233 1.54 %
Switzerland
Financials (cost $3,012,388) 3,008,443 0.59 %
United States
Communications 17,558,785 3.45 %
Consumer Discretionary 22,507,400 4.43 %
Consumer Staples 19,566,537 3.85 %
Financials 18,836,628 3.71 %
Industrials 26,549,888 5.22 %
Utilities 44,470,487 8.76 %

Total United States (cost $149,507,834)
149,489,725 29.42 %

Total Commercial Paper (cost $160,375,737)
160,336,401 31.55 %

Corporate Bonds
Canada
Financials (cost $11,401,320) 11,352,380 2.24 %
Ireland
Financials (cost $2,976,656) 2,967,259 0.58 %
Japan
Financials (cost $2,020,000) 2,000,924 0.39 %
United Kingdom
Energy 4,872,597 0.96 %
Financials 5,856,450 1.15 %

Total United Kingdom (cost $10,784,487)
10,729,047 2.11 %
United States
Communications 37,913,274 7.46 %
Consumer Discretionary 17,931,134 3.53 %
Consumer Staples 11,809,227 2.32 %
Energy 2,771,469 0.55 %
Financials 54,103,587 10.65 %
Industrials 5,908,861 1.16 %
Technology 6,273,522 1.23 %
Utilities 1,490,366 0.29 %

Total United States (cost $138,321,012)
138,201,440 27.19 %

Total Corporate Bonds (cost $165,503,475)
165,251,050 32.51 %

Government And Agency Obligations
United States
U.S. Treasury Bills
$ 35,680,000 U.S. Treasury Bills Due 04/26/2018* 35,642,177 7.01 %
$ 18,892,500 U.S. Treasury Bills Due 05/24/2018* 18,848,016 3.71 %
$ 23,217,500 U.S. Treasury Bills Due 06/21/2018* 23,131,074 4.55 %

Total Government And Agency Obligations (cost $77,624,218)
77,621,267 15.27 %

Total Fixed Income Securities ** (cost $441,774,707)
$ 441,291,116 86.83 %

~~SHORT TERM INVESTMENTS~~

Maturity
Face Value
Description
Fair
Value ($)

% of Net
Asset Value

Money Market Funds
United States
Money Market Funds (cost $3,638) $ 3,638 0.00 %

Total Short Term Investments (cost $3,638)
$ 3,638 0.00 %

Maturity Face Value		Description	Fair Value ($)		% of Net Asset Value
		Asset Backed Securities
		United States
		Auto Loans	$	14,703,723		3.87	%
		Credit Cards		7,989,027		2.10	%
		Equipment Loans		950,417		0.25	%
		Total Asset Backed Securities (cost $23,721,555)		23,643,167		6.22	%

		Bank Deposits
		United States
		Financials		4,348,991		1.15	%
		Total Bank Deposits (cost $4,350,341)		4,348,991		1.15	%

		Commercial Paper
		United States
		Communications		22,857,535		6.02	%
		Consumer Discretionary		18,975,081		5.00	%
		Consumer Staples		15,384,963		4.05	%
		Energy		7,512,334		1.98	%
		Financials		11,881,856		3.13	%
		Industrials		5,101,992		1.34	%
		Utilities		19,447,178		5.12	%
		Total Commercial Paper (cost $101,182,289)		101,160,939		26.64	%

		Corporate Bonds
		Canada
		Financials (cost $13,016,398)		12,998,346		3.42	%
		Ireland
		Financials (cost $2,975,485)		2,973,099		0.78	%
		Japan
		Financials (cost $2,696,326)		2,681,439		0.71	%
		United Kingdom
		Financials (cost $9,750,461)		9,755,759		2.57	%
		United States
		Communications		12,697,203		3.34	%
		Consumer Discretionary		9,599,687		2.53	%
		Consumer Staples		12,676,640		3.34	%
		Energy		2,772,025		0.73	%
		Financials		46,026,656		12.12	%
		Industrials		7,347,841		1.94	%
		Technology		6,283,350		1.65	%
		Utilities		942,339		0.25	%
		Total United States (cost $98,323,138)		98,345,741		25.90	%
		Total Corporate Bonds (cost $126,761,808)		126,754,384		33.38	%

		Government And Agency Obligations
		United States
		U.S. Treasury Bills
$	12,685,000	U.S. Treasury Bills Due 10/25/2018*		12,667,474		3.34	%
$	19,292,500	U.S. Treasury Bills Due 11/23/2018*		19,232,747		5.06	%
$	28,162,500	U.S. Treasury Bills Due 12/20/2018*		28,029,667		7.38	%
		Total Government And Agency Obligations (cost $59,932,937)		59,929,888		15.78	%
		Total Fixed Income Securities ** (cost $315,948,930)	$	315,837,369		83.17	%

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST

CONDENSED SCHEDULE OF INVESTMENTS

~~MARCH 31,~~SEPTEMBER 30, 2018 (Unaudited)

SHORT TERM INVESTMENTS

Description	Fair Value ($)		% of Net Asset Value
Money Market Funds
United States
Money Market Funds (cost $12,259)	$	12,259		0.00	%
Total Short Term Investments (cost $12,259)	$	12,259		0.00	%

LONG FUTURES CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Agriculture	$	(54,478	)		(0.02	)%
Energy		3,517,083			0.93	%
Metals		1,117,090			0.29	%
Stock indices		3,749,469			0.99	%
Short-term interest rates		(40,585	)		(0.01	)%
Long-term interest rates		(882,507	)		(0.23	)%
Net unrealized gain (loss) on long futures contracts	$	7,406,072			1.95	%

Description

Fair
Value ($)

% of Net
Asset Value

Agriculture $ 330,944 0.06 %
Energy 3,435,796 0.68 %
Metals (6,000,922 ) (1.18 )%
Stock indices (469,497 ) (0.09 )%
Short-term interest rates (354 ) 0.00 %
Long-term interest rates 5,923,524 1.16 %
Net unrealized gain (loss) on long futures contracts $ 3,219,491 0.63 %

SHORT FUTURES CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Agriculture	$	2,328,578			0.62	%
Energy		(295,586	)		(0.08	)%
Metals		(639,144	)		(0.17	)%
Stock indices		(27,953	)		(0.01	)%
Short-term interest rates		1,727,657			0.46	%
Long-term interest rates		1,453,379			0.38	%
Net unrealized gain (loss) on short futures contracts	$	4,546,931			1.20	%
Net unrealized gain (loss) on open futures contracts	$	11,953,003			3.15	%

Description

Fair
Value ($)

% of Net
Asset Value

Agriculture $ 4,603,279 0.91 %
Metals 5,527,354 1.09 %
Stock indices (765,029 ) (0.15 )%
Short-term interest rates (1,018,150 ) (0.20 )%
Long-term interest rates (2,619,388 ) (0.52 )%
Net unrealized gain (loss) on short futures contracts 5,728,066 1.13 %
Net unrealized gain (loss) on open futures contracts $ 8,947,557 1.76 %

FORWARD CURRENCY CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Various long forward currency contracts	$	296,732			0.08	%
Various short forward currency contracts		(4,953,335	)		(1.31	)%
Net unrealized gain (loss) on open forward currency contracts	$	(4,656,603	)		(1.23	)%

Description

Fair
Value ($)

% of Net
Asset Value

Various long forward currency contracts $ (4,640,124 ) (0.91 )%
Various short forward currency contracts 1,420,436 0.28 %
Net unrealized gain (loss) on open forward currency contracts $ (3,219,688 ) (0.63 )%

*	Pledged as collateral for the trading of futures ~~and forward~~ positions.

**	Included in fixed income securities are U.S. Treasury Bills with a fair value of ~~$67,492,016~~$59,929,888 deposited with the futures ~~brokers and $10,129,251 deposited with the interbank market maker.~~brokers.

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST

CONDENSED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017 (Unaudited)

FIXED INCOME SECURITIES

Maturity
Face Value
Description
Fair
Value ($)

% of Net
Asset Value

Asset Backed Securities
United States
Auto Loans $ 23,525,701 4.31 %
Credit Cards 13,664,555 2.50 %
Equipment Loans 1,128,744 0.21 %

Total Asset Backed Securities (cost $38,400,582)
38,319,000 7.02 %

Bank Deposits
United States
Financials 3,693,397 0.68 %

Total Bank Deposits (cost $3,692,357)
3,693,397 0.68 %

Commercial Paper
Japan
Financials (cost $6,721,959) 6,720,957 1.23 %
Switzerland
Financials (cost $2,999,246) 2,997,430 0.55 %
United States
Communications 5,625,384 1.03 %
Consumer Discretionary 19,828,222 3.63 %
Consumer Staples 22,089,851 4.05 %
Energy 13,133,181 2.41 %
Financials 41,070,220 7.52 %
Industrials 32,138,351 5.89 %
Utilities 41,087,251 7.53 %

Total United States (cost $174,999,805)
174,972,460 32.06 %

Total Commercial Paper (cost $184,721,010)
184,690,847 33.84 %

Corporate Bonds
Canada
Financials (cost $2,498,830) 2,480,289 0.45 %
United Kingdom
Energy 4,884,470 0.89 %
Financials 3,542,594 0.65 %

Total United Kingdom (cost $8,448,898)
8,427,064 1.54 %
United States
Communications 37,630,534 6.89 %
Consumer Discretionary 17,008,422 3.12 %
Consumer Staples 11,818,118 2.17 %
Energy 7,713,153 1.41 %
Financials 69,000,751 12.65 %
Industrials 10,972,758 2.01 %
Technology 2,692,739 0.49 %
Utilities 1,491,913 0.27 %

Total United States (cost $158,246,949)
158,328,388 29.01 %

Total Corporate Bonds (cost $169,194,677)
169,235,741 31.00 %

Government And Agency Obligations
United States
U.S. Treasury Bills
$ 25,292,500 U.S. Treasury Bills Due 02/22/2018* 25,247,353 4.63 %
$ 37,867,500 U.S. Treasury Bills Due 03/29/2018* 37,744,133 6.91 %
$ 35,680,000 U.S. Treasury Bills Due 04/26/2018* 35,526,056 6.51 %

Total Government And Agency Obligations (cost $98,557,453)
98,517,542 18.05 %

Total Fixed Income Securities ** (cost $494,566,079)
$ 494,456,527 90.59 %

~~SHORT TERM INVESTMENTS~~

Maturity Face Value		Description	Fair Value ($)		% of Net Asset Value
		Asset Backed Securities
		United States
		Auto Loans	$	23,525,701		4.31	%
		Credit Cards		13,664,555		2.50	%
		Equipment Loans		1,128,744		0.21	%
		Total Asset Backed Securities (cost $38,400,582)		38,319,000		7.02	%

		Bank Deposits
		United States
		Financials		3,693,397		0.68	%
		Total Bank Deposits (cost $3,692,357)		3,693,397		0.68	%

		Commercial Paper
		Japan
		Financials (cost $6,721,959)		6,720,957		1.23	%
		Switzerland
		Financials (cost $2,999,246)		2,997,430		0.55	%
		United States
		Communications		5,625,384		1.03	%
		Consumer Discretionary		19,828,222		3.63	%
		Consumer Staples		22,089,851		4.05	%
		Energy		13,133,181		2.41	%
		Financials		41,070,220		7.52	%
		Industrials		32,138,351		5.89	%
		Utilities		41,087,251		7.53	%
		Total United States (cost $174,999,805)		174,972,460		32.06	%
		Total Commercial Paper (cost $184,721,010)		184,690,847		33.84	%

		Corporate Bonds
		Canada
		Financials (cost $2,498,830)		2,480,289		0.45	%
		United Kingdom
		Energy		4,884,470		0.89	%
		Financials		3,542,594		0.65	%
		Total United Kingdom (cost $8,448,898)		8,427,064		1.54	%
		United States
		Communications		37,630,534		6.89	%
		Consumer Discretionary		17,008,422		3.12	%
		Consumer Staples		11,818,118		2.17	%
		Energy		7,713,153		1.41	%
		Financials		69,000,751		12.65	%
		Industrials		10,972,758		2.01	%
		Technology		2,692,739		0.49	%
		Utilities		1,491,913		0.27	%
		Total United States (cost $158,246,949)		158,328,388		29.01	%
		Total Corporate Bonds (cost $169,194,677)		169,235,741		31.00	%

		Government And Agency Obligations
		United States
		U.S. Treasury Bills
$	25,292,500	U.S. Treasury Bills Due 02/22/2018*		25,247,353		4.63	%
$	37,867,500	U.S. Treasury Bills Due 03/29/2018*		37,744,133		6.91	%
$	35,680,000	U.S. Treasury Bills Due 04/26/2018*		35,526,056		6.51	%
		Total Government And Agency Obligations (cost $98,557,453)		98,517,542		18.05	%
		Total Fixed Income Securities ** (cost $494,566,079)	$	494,456,527		90.59	%

Maturity
Face Value
Description
Fair
Value ($)

% of Net
Asset Value

Money Market Funds
United States
Money Market Funds (cost $12,271) $ 12,271 0.00 %

Total Short Term Investments (cost $12,271)
$ 12,271 0.00 %

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST

CONDENSED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017 (Unaudited)

SHORT TERM INVESTMENTS

Description	Fair Value ($)		% of Net Asset Value
Money Market Funds
United States
Money Market Funds (cost $12,271)	$	12,271		0.00	%
Total Short Term Investments (cost $12,271)	$	12,271		0.00	%

LONG FUTURES CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Agriculture	$	924,150			0.17	%
Energy		4,224,681			0.78	%
Metals		6,713,170			1.23	%
Stock indices		4,003,518			0.73	%
Short-term interest rates		(239,756	)		(0.04	)%
Long-term interest rates		(4,999,798	)		(0.92	)%
Net unrealized gain (loss) on long futures contracts	$	10,625,965			1.95	%

Description

Fair
Value ($)

% of Net
Asset Value

Agriculture $ 924,150 0.17 %
Energy 4,224,681 0.78 %
Metals 6,713,170 1.23 %
Stock indices 4,003,518 0.73 %
Short-term interest rates (239,756 ) (0.04 )%
Long-term interest rates (4,999,798 ) (0.92 )%
Net unrealized gain (loss) on long futures contracts $ 10,625,965 1.95 %

SHORT FUTURES CONTRACTS

Description	Fair Value ($)			% of Net Asset Value			Fair Value ($)			% of Net Asset Value
Agriculture	$	2,408,552			0.44	%	$	2,408,552			0.44	%
Energy		(1,761,620	)		(0.32	)%		(1,761,620	)		(0.32	)%
Metals		(2,785,648	)		(0.51	)%		(2,785,648	)		(0.51	)%
Stock indices		(113,440	)		(0.02	)%		(113,440	)		(0.02	)%
Short-term interest rates		250,252			0.04	%		250,252			0.04	%
Long-term interest rates		370,399			0.07	%		370,399			0.07	%
Net unrealized gain (loss) on short futures contracts		(1,631,505	)		(0.30	)%	$	(1,631,505	)		(0.30	)%
Net unrealized gain (loss) on open futures contracts	$	8,994,460			1.65	%	$	8,994,460			1.65	%

FORWARD CURRENCY CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Various long forward currency contracts	$	15,396,303			2.82	%
Various short forward currency contracts		(12,294,439	)		(2.25	)%
Net unrealized gain (loss) on open forward currency contracts	$	3,101,864			0.57	%

Description

Fair
Value ($)

% of Net
Asset Value

Various long forward currency contracts $ 15,396,303 2.82 %
Various short forward currency contracts (12,294,439 ) (2.25 )%
Net unrealized gain (loss) on open forward currency contracts $ 3,101,864 0.57 %

*	Pledged as collateral for the trading of futures and forward positions.

**	Included in fixed income securities are U.S. Treasury Bills with a fair value of $67,430,443 deposited with the futures brokers and $31,087,099 deposited with the interbank market maker.

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST

STATEMENTS OF FINANCIAL CONDITION

~~MARCH 31,~~SEPTEMBER 30, 2018 AND DECEMBER 31, 2017 (Unaudited)

March 31, 2018 December 31, 2017
ASSETS
Equity in futures broker trading accounts
Cash $ 38,164,562 $ 46,914,581
Restricted cash 0 936,583
Fixed income securities (cost $67,493,074 and $67,458,506, respectively) 67,492,016 67,430,443
Net unrealized gain (loss) on open futures contracts 8,947,557 8,994,460
Total equity in futures broker trading accounts 114,604,135 124,276,067

Cash 9,000,569 1,828,845
Restricted cash at interbank market maker 24,895,468 0
Short term investments (cost $3,638 and $12,271, respectively) 3,638 12,271
Fixed income securities (cost $374,281,633 and $427,107,573, respectively) 373,799,100 427,026,084
Net unrealized gain (loss) on open forward currency contracts (3,219,688 ) 3,101,864
Interest receivable 810,278 951,297
Subscription receivable 0 50,000
Total assets $ 519,893,500 $ 557,246,428

LIABILITIES
Accounts payable $ 380,369 $ 330,154
Management fee payable 1,613,437 1,740,589
Payable for securities purchased 1,378,138 0
Accrued commissions and other trading fees on open contracts 77,023 79,893
Offering costs payable 187,846 202,016
Performance fee payable 0 3,207
Redemptions payable 8,010,589 9,067,414
Total liabilities 11,647,402 11,423,273

UNITHOLDERS' CAPITAL (Net Asset Value)

Series A Units - Redeemable
Other Unitholders - 150,598.963 and 155,656.273 units outstanding at March 31, 2018 and December 31, 2017 378,336,951 407,786,433
Series B Units – Redeemable
Other Unitholders - 23,438.326 and 24,609.317 units outstanding at March 31, 2018 and December 31, 2017 63,943,614 69,925,360
Series D Units – Redeemable
Other Unitholders - 973.760 and 259.610 units outstanding at March 31, 2018 and December 31, 2017 983,780 273,175
Series W Units – Redeemable
Other Unitholders - 22,636.352 and 22,774.964 units outstanding at March 31, 2018 and December 31, 2017 64,981,753 67,838,187
Total unitholders' capital (Net Asset Value) 508,246,098 545,823,155
Total liabilities and unitholders' capital (Net Asset Value) $ 519,893,500 $ 557,246,428

	September 30, 2018			December 31, 2017
ASSETS
Equity in futures brokers trading accounts
Cash	$	25,219,459		$	46,914,581
Restricted cash		0			936,583
Fixed income securities (cost $59,932,937 and $67,458,506, respectively)		59,929,888			67,430,443
Net unrealized gain (loss) on open futures contracts		11,953,003			8,994,460
Total equity in futures brokers trading accounts		97,102,350			124,276,067

Cash and cash equivalents		12,223,465			1,828,845
Restricted cash at interbank market maker		33,937,069			0
Short term investments (cost $12,259 and $12,271, respectively)		12,259			12,271
Fixed income securities (cost $256,015,993 and $427,107,573, respectively)		255,907,481			427,026,084
Net unrealized gain (loss) on open forward currency contracts		(4,656,603	)		3,101,864
Interest receivable		721,311			951,297
Subscription receivable		0			50,000
Total assets	$	395,247,332		$	557,246,428

LIABILITIES
Accounts payable	$	331,441		$	330,154
Management fee payable		1,254,606			1,740,589
Accrued commissions and other trading fees on open contracts		64,882			79,893
Offering costs payable		125,541			202,016
Performance fee payable		0			3,207
Redemptions payable		13,726,769			9,067,414
Total liabilities		15,503,239			11,423,273

UNITHOLDERS' CAPITAL (Net Asset Value)

Series A Units - Redeemable
Other Unitholders - 122,134.209 and 155,656.273 units outstanding at September 30, 2018 and December 31, 2017, respectively		298,541,979			407,786,433
Series B Units – Redeemable
Other Unitholders - 17,094.219 and 24,609.317 units outstanding at September 30, 2018 and December 31, 2017, respectively		45,447,164			69,925,360
Series D Units – Redeemable
Other Unitholders - 1,314.616 and 259.610 units outstanding at September 30, 2018 and December 31, 2017, respectively		1,299,167			273,175
Series W Units – Redeemable
Other Unitholders - 12,224.311 and 22,774.964 units outstanding at September 30, 2018 and December 31, 2017, respectively		34,455,783			67,838,187
Total unitholders' capital (Net Asset Value)		379,744,093			545,823,155
Total liabilities and unitholders' capital (Net Asset Value)	$	395,247,332		$	557,246,428

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST

STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS AND NINE MONTHS ENDED ~~MARCH 31,~~SEPTEMBER 30, 2018 AND 2017 (Unaudited)

	Three Months Ended March 31,						Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017			2018			2017
TRADING GAINS (LOSSES)
Futures trading gains (losses)
Realized	$	(20,699,374	)	$	20,430,798		$	(11,042,290	)	$	(35,734,432	)	$	(30,729,684	)	$	13,193,894
Change in unrealized		(46,903	)		2,647,223			7,741,426			40,587,154			2,958,543			7,389,502
Brokerage commissions		(471,679	)		(807,617	)		(429,297	)		(589,443	)		(1,400,752	)		(2,299,517	)
Net gain (loss) from futures trading		(21,217,956	)		22,270,404			(3,730,161	)		4,263,279			(29,171,893	)		18,283,879

Forward currency trading gains (losses)
Realized		10,109,895			(5,502,888	)		18,335,233			14,537,016			11,050,256			(12,867,578	)
Change in unrealized		(6,321,552	)		(14,864,813	)		(16,096,697	)		(5,609,112	)		(7,758,467	)		(13,266,101	)
Brokerage commissions		(35,340	)		(39,234	)		(40,089	)		(33,454	)		(119,306	)		(109,764	)
Net gain (loss) from forward currency trading		3,753,003			(20,406,935	)		2,198,447			8,894,450			3,172,483			(26,243,443	)
Total net trading gain (loss)		(17,464,953	)		1,863,469			(1,531,714	)		13,157,729			(25,999,410	)		(7,959,564	)

NET INVESTMENT INCOME (LOSS)
Investment income
Interest income		2,156,415			1,730,563			2,336,863			1,832,307			7,033,639			5,454,037
Realized gain (loss) on fixed income securities		632			20,699			(21,654	)		25,562			(69,239	)		34,792
Change in unrealized gain (loss) on fixed income securities		(374,039	)		95,289			211,537			(3,943	)		(2,009	)		130,003
Total investment income		1,783,008			1,846,551			2,526,746			1,853,926			6,962,391			5,618,832

Expenses
Management fee		5,031,566			6,883,524			3,944,102			5,537,951			13,492,725			18,739,913
Service fee		0			25,238			0			0			0			25,238
Operating expenses		295,216			363,332			282,906			296,548			854,794			1,012,704
Total expenses		5,326,782			7,272,094			4,227,008			5,834,499			14,347,519			19,777,855
Net investment income (loss)		(3,543,774	)		(5,425,543	)		(1,700,262	)		(3,980,573	)		(7,385,128	)		(14,159,023	)
NET INCOME (LOSS)	$	(21,008,727	)	$	(3,562,074	)	$	(3,231,976	)	$	9,177,156		$	(33,384,538	)	$	(22,118,587	)

NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS' UNIT₍₁₎
(based on weighted average number of units outstanding during the period)
Series A	$	(103.07	)	$	(13.75	)	$	(19.89	)	$	38.29		$	(178.48	)	$	(88.30	)
Series B	$	(112.70	)	$	(14.53	)	$	(27.76	)	$	38.71		$	(199.82	)	$	(93.10	)
Series D	$	(53.66	)	$	-		$	(5.09	)	$	-		$	(40.88	)	$	-
Series W	$	(103.67	)	$	(1.31	)	$	(5.64	)	$	53.05		$	(158.95	)	$	(62.77	)

INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER UNITHOLDERS' UNIT ₍₁₎
Series A	$	(107.58	)	$	(15.81	)	$	(20.08	)	$	30.28		$	(175.41	)	$	(101.67	)
Series B	$	(113.26	)	$	(13.63	)	$	(19.08	)	$	36.08		$	(182.79	)	$	(99.75	)
Series D	$	(41.96	)	$	-		$	(5.22	)	$	-		$	(64.00	)	$	-
Series W	$	(107.95	)	$	(4.50	)	$	(9.58	)	$	47.96		$	(160.00	)	$	(72.97	)

WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD ₍₁₎
Series A		154,223.168			219,166.365			129,372.124			179,814.990			143,023.321			200,481.475
Series B		24,352.679			35,666.446			19,710.876			28,337.449			22,313.918			31,926.881
Series D		336.849			-			1,311.521			-			911.099			-
Series W		22,677.194			23,368.768			18,480.544			22,533.621			21,151.715			22,995.816

(1)	Series D Units commenced trading on October 1, 2017.

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST

STATEMENTS OF CASH FLOWS

FOR THE ~~THREE~~NINE MONTHS ENDED ~~MARCH 31,~~SEPTEMBER 30, 2018 AND 2017 (Unaudited)

	Three Months Ended March 31,						Nine Months Ended September 30,
	2018			2017			2018			2017
Cash flows from (for) operating activities
Net income (loss)	$	(21,008,727	)	$	(3,562,074	)	$	(33,384,538	)	$	(22,118,587	)
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized on futures, forwards and investments		6,742,494			12,122,301			4,801,933			5,746,596
(Increase) decrease in interest receivable		141,019			460,130			229,986			550,344
Increase (decrease) in payable for securities purchased		1,378,138			0			0			6,233,933
Increase (decrease) in accounts payable and accrued expenses		(83,014	)		(320,644	)		(502,914	)		(718,185	)
Purchases of investments		(1,475,689,035	)		(1,981,906,445	)		(4,001,427,649	)		(5,512,191,987	)
Sales/maturities of investments		1,528,489,040			2,045,186,101			4,180,044,810			5,733,905,329
Net cash from (for) operating activities		39,969,915			71,979,369			149,761,628			211,407,443

Cash flows from (for) financing activities
Addition of units		4,537,172			7,412,865			17,458,250			22,768,588
Redemption of units		(21,527,136	)		(66,759,141	)		(144,205,933	)		(213,382,397	)
Offering costs paid		(599,361	)		(801,646	)		(1,313,961	)		(2,215,890	)
Net cash from (for) financing activities		(17,589,325	)		(60,147,922	)		(128,061,644	)		(192,829,699	)

Net increase (decrease) in cash and restricted cash		22,380,590			11,831,447
Net increase (decrease) in cash, cash equivalents and restricted cash								21,699,984			18,577,744

Cash and restricted cash at beginning of period		49,680,009			47,611,597
Cash and restricted cash at end of period	$	72,060,599		$	59,443,044
Cash, cash equivalents and restricted cash at beginning of period								49,680,009			47,611,597
Cash, cash equivalents and restricted cash at end of period							$	71,379,993		$	66,189,341

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Statements of Financial Condition that sum to the total of the same such amounts shown in the Statements of Cash Flows.

March 31, 2018 December 31, 2017
Cash and restricted cash at end of period consists of:
Cash in futures broker trading accounts $ 38,164,562 $ 46,914,581
Restricted cash in futures broker trading accounts 0 936,583
Cash 9,000,569 1,828,845
Restricted cash at interbank market maker 24,895,468 0
Total cash and restricted cash at end of period $ 72,060,599 $ 49,680,009

	September 30, 2018		December 31, 2017
Cash, cash equivalents and restricted cash at end of period consists of:
Cash in futures brokers trading accounts	$	25,219,459	$	46,914,581
Restricted cash in futures brokers trading accounts		0		936,583
Cash and cash equivalents		12,223,465		1,828,845
Restricted cash at interbank market maker		33,937,069		0
Total cash, cash equivalents and restricted cash at end of period	$	71,379,993	$	49,680,009

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST

STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL (NET ASSET VALUE)

FOR THE ~~THREE~~NINE MONTHS ENDED ~~MARCH 31,~~SEPTEMBER 30, 2018 AND 2017 (Unaudited)

	Series A - Other Unitholders						Series B - Other Unitholders						Series D - Other Unitholders ₍₁₎					Series A - Other Unitholders						Series B - Other Unitholders						Series D - Other Unitholders ₍₁₎
	Units			Amount			Units			Amount			Units		Amount			Units			Amount			Units			Amount			Units			Amount
Three Months Ended March 31, 2018
Nine Months Ended September 30, 2018

Balances at December 31, 2017		155,656.273		$	407,786,433			24,609.317		$	69,925,360			259.610	$	273,175			155,656.273		$	407,786,433			24,609.317		$	69,925,360			259.610		$	273,175
Net income (loss) for the three months ended March 31, 2018					(15,895,347	)					(2,744,441	)				(18,073	)
Net income (loss) for the nine months ended September 30, 2018																						(25,526,482	)					(4,458,789	)					(37,243	)
Additions		942.555			2,394,608			0.000			0			714.150		729,114			3,905.626			9,652,453			0.000			0			1,106.256			1,116,063
Redemptions		(5,999.865	)		(15,447,850	)		(1,170.991	)		(3,237,305	)		0.000		0			(37,427.690	)		(92,363,412	)		(7,515.098	)		(20,019,407	)		(51.250	)		(49,436	)
Offering costs					(500,893	)					0					(436	)					(1,007,013	)					0						(3,392	)
Balances at March 31, 2018		150,598.963		$	378,336,951			23,438.326		$	63,943,614			973.760	$	983,780
Balances at September 30, 2018																			122,134.209		$	298,541,979			17,094.219		$	45,447,164			1,314.616		$	1,299,167

Three Months Ended March 31, 2017
Nine Months Ended September 30, 2017

Balances at December 31, 2016		224,143.366		$	572,449,293			36,691.856		$	101,127,802			0.000	$	0			224,143.366		$	572,449,293			36,691.856		$	101,127,802			0.000		$	0
Net income (loss) for the three months ended March 31, 2017					(3,013,391	)					(518,168	)				0
Net income (loss) for the nine months ended September 30, 2017																						(17,702,837	)					(2,972,272	)					0
Additions		2,337.333			5,930,020			14.356			40,002			0.000		0			5,216.144			13,093,925			14.356			40,002			117.000			117,000
Redemptions		(17,030.818	)		(43,059,140	)		(3,145.811	)		(8,610,006	)		0.000		0			(62,083.237	)		(155,739,483	)		(9,719.061	)		(26,507,075	)		0.000			0
Offering costs					(696,589	)					0					0						(1,894,545	)					0						0
Balances at March 31, 2017		209,449.881		$	531,610,193			33,560.401		$	92,039,630			0.000	$	0
Balances at September 30, 2017																			167,276.273		$	410,206,353			26,987.151		$	71,688,457			117.000		$	117,000

Net Asset Value per Other Unitholders' Unit - Series A	Net Asset Value per Other Unitholders' Unit - Series A							Net Asset Value per Other Unitholders' Unit - Series A
March 31, 2018		December 31, 2017		March 31, 2017		December 31, 2016
September 30, 2018								September 30, 2018	December 31, 2017		September 30, 2017		December 31, 2016
$	2,512.21	$	2,619.79	$	2,538.13	$	2,553.94	2,444.38	$	2,619.79	$	2,452.27	$	2,553.94

Net Asset Value per Other Unitholders' Unit - Series B
September 30, 2018		December 31, 2017		September 30, 2017		December 31, 2016
$	2,658.63	$	2,841.42	$	2,656.39	$	2,756.14

Net Asset Value per Other Unitholders' Unit - Series B

March 31, 2018 December 31, 2017 March 31, 2017 December 31, 2016
$ 2,728.16 $ 2,841.42 $ 2,742.51 $ 2,756.14

Net Asset Value per Other Unitholders' Unit - Series D ₍₁₎
September 30, 2018		December 31, 2017		September 30, 2017		December 31, 2016
$	988.25	$	1,052.25	$	1,000.00	$	0.00

Net Asset Value per Other Unitholders' Unit - Series D ₍₁₎

March 31, 2018 December 31, 2017 March 31, 2017 December 31, 2016
$ 1,010.29 $ 1,052.25 $ 0.00 $ 0.00

(1)	Series D Units commenced trading on October 1, 2017.

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST

STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL (NET ASSET VALUE)

FOR THE ~~THREE~~NINE MONTHS ENDED ~~MARCH 31,~~SEPTEMBER 30, 2018 AND 2017 (Unaudited)

	Series W - Other Unitholders						Trust			Series W - Other Unitholders						Trust
	Units			Amount			Total Amount			Units			Amount			Total Amount
Three Months Ended March 31, 2018
Nine Months Ended September 30, 2018

Balances at December 31, 2017		22,774.964		$	67,838,187		$	545,823,155			22,774.964		$	67,838,187		$	545,823,155
Net income (loss) for the three months ended March 31, 2018					(2,350,866	)		(21,008,727	)
Net income (loss) for the nine months ended September 30, 2018														(3,362,024	)		(33,384,538	)
Additions		477.234			1,363,450			4,487,172			2,347.338			6,639,734			17,408,250
Redemptions		(615.846	)		(1,785,156	)		(20,470,311	)		(12,897.991	)		(36,433,033	)		(148,865,288	)
Offering costs					(83,862	)		(585,191	)					(227,081	)		(1,237,486	)
Balances at March 31, 2018		22,636.352		$	64,981,753		$	508,246,098
Balances at September 30, 2018											12,224.311		$	34,455,783		$	379,744,093

Three Months Ended March 31, 2017
Nine Months Ended September 30, 2017

Balances at December 31, 2016		23,481.665		$	66,856,645		$	740,433,740			23,481.665		$	66,856,645		$	740,433,740
Net income (loss) for the three months ended March 31, 2017					(30,515	)		(3,562,074	)
Net income (loss) for the nine months ended September 30, 2017														(1,443,478	)		(22,118,587	)
Additions		561.528			1,592,843			7,562,865			3,403.568			9,567,661			22,818,588
Redemptions		(989.084	)		(2,800,264	)		(54,469,410	)		(3,496.838	)		(9,852,759	)		(192,099,317	)
Offering costs					(82,938	)		(779,527	)					(243,563	)		(2,138,108	)
Balances at March 31, 2017		23,054.109		$	65,535,771		$	689,185,594
Balances at September 30, 2017											23,388.395		$	64,884,506		$	546,896,316

Net Asset Value per Other Unitholders' Unit - Series W
September 30, 2018		December 31, 2017		September 30, 2017		December 31, 2016
$	2,818.63	$	2,978.63	$	2,774.22	$	2,847.19

Net Asset Value per Other Unitholders' Unit - Series W

March 31, 2018 December 31, 2017 March 31, 2017 December 31, 2016
$ 2,870.68 $ 2,978.63 $ 2,842.69 $ 2,847.19

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST

FINANCIAL HIGHLIGHTS

FOR THE THREE MONTHS AND NINE MONTHS ENDED ~~MARCH 31,~~SEPTEMBER 30, 2018 AND 2017 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for Series A units for the three months and nine months ended ~~March 31,~~September 30, 2018 and 2017. This information has been derived from information presented in the financial statements.

	Series A
	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Per Unit Performance
(for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period	$	2,464.46		$	2,421.99		$	2,619.79		$	2,553.94

Income (loss) from operations:
Total net trading gains (losses) ₍₁₎		(6.15	)		51.59			(125.04	)		(34.28	)
Net investment income (loss) ₍₁₎		(11.43	)		(18.21	)		(43.33	)		(57.94	)
Total net income (loss) from operations		(17.58	)		33.38			(168.37	)		(92.22	)
Offering costs ₍₁₎		(2.50	)		(3.10	)		(7.04	)		(9.45	)
Net asset value per unit at end of period	$	2,444.38		$	2,452.27		$	2,444.38		$	2,452.27
Total Return ₍₄₎		(0.81	)%		1.25	%		(6.70	)%		(3.98	)%

Supplemental Data

Ratios to average net asset value:
Expenses prior to performance fee₍₃₎		4.29	%		4.30	%		4.28	%		4.28	%
Performance fee₍₄₎		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		4.29	%		4.30	%		4.28	%		4.28	%
Net investment income (loss) _(2),(3)		(1.88	)%		(3.00	)%		(2.33	)%		(3.12	)%

Series A
Three Months Ended March 31,
2018 2017
Per Unit Performance
(for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period $ 2,619.79 $ 2,553.94

Income (loss) from operations:
Total net trading gains (losses) ₍₁₎
(85.55 ) 7.57
Net investment income (loss) ₍₁₎
(18.78 ) (20.20 )
Total net income (loss) from operations (104.33 ) (12.63 )
Offering costs ₍₁₎
(3.25 ) (3.18 )
Net asset value per unit at end of period $ 2,512.21 $ 2,538.13
Total Return ₍₄₎
(4.11 )% (0.62 )%

Supplemental Data

Ratios to average net asset value:
Expenses prior to performance fee ₍₃₎
4.23 % 4.23 %
Performance fee ₍₄₎
0.00 % 0.00 %
Total expenses 4.23 % 4.23 %
Net investment income (loss) _(2),(3)
(2.90 )% (3.20 )%

Total returns are calculated based on the change in value of a unit during the period. An individual unitholder's total returns and ratios may vary from the above total returns and ratios based on the timing of additions and redemptions.

(1)

Net investment income (loss) per unit and offering costs per unit are calculated by dividing the net investment income (loss) and offering costs by the average number of units outstanding during the period. Total net trading gains (losses) is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2)	Excludes performance fee.

(3)	Annualized.

(4)	Not annualized.

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST

FINANCIAL HIGHLIGHTS

FOR THE THREE MONTHS AND NINE MONTHS ENDED ~~MARCH 31,~~SEPTEMBER 30, 2018 AND 2017 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for Series B units for the three months and nine months ended ~~March 31,~~September 30, 2018 and 2017. This information has been derived from information presented in the financial statements.

	Series B
	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Per Unit Performance
(for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period	$	2,677.71		$	2,620.31		$	2,841.42		$	2,756.14

Income (loss) from operations:
Total net trading gains (losses) ₍₁₎		(6.79	)		55.80			(135.74	)		(37.08	)
Net investment income (loss) ₍₁₎		(12.29	)		(19.72	)		(47.05	)		(62.67	)
Total net income (loss) from operations		(19.08	)		36.08			(182.79	)		(99.75	)
Net asset value per unit at end of period	$	2,658.63		$	2,656.39		$	2,658.63		$	2,656.39
Total Return ₍₄₎		(0.71	)%		1.38	%		(6.43	)%		(3.62	)%

Supplemental Data

Ratios to average net asset value:
Expenses prior to performance fee₍₃₎		4.39	%		4.27	%		4.32	%		4.27	%
Performance fee ₍₄₎		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		4.39	%		4.27	%		4.32	%		4.27	%
Net investment income (loss) _(2),(3)		(1.91	)%		(2.98	)%		(2.35	)%		(3.12	)%

Series B
Three Months Ended March 31,
2018 2017
Per Unit Performance
(for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period $ 2,841.42 $ 2,756.14

Income (loss) from operations:
Total net trading gains (losses) ₍₁₎
(92.88 ) 8.17
Net investment income (loss) ₍₁₎
(20.38 ) (21.80 )
Total net income (loss) from operations (113.26 ) (13.63 )
Net asset value per unit at end of period $ 2,728.16 $ 2,742.51
Total Return ₍₄₎
(3.99 )% (0.49 )%

Supplemental Data

Ratios to average net asset value:
Expenses prior to performance fee ₍₃₎
4.24 % 4.24 %
Performance fee ₍₄₎
0.00 % 0.00 %
Total expenses 4.24 % 4.24 %
Net investment income (loss) _(2),(3)
(2.90 )% (3.20 )%

(1)

Net investment income (loss) per unit is calculated by dividing the net investment income (loss) by the average number of units outstanding during the period. Total net trading gains (losses) is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2)	Excludes performance fee.

(3)	Annualized.

(4)	Not annualized.

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST

FINANCIAL HIGHLIGHTS

FOR THE THREE MONTHS AND NINE MONTHS ENDED ~~MARCH 31,~~SEPTEMBER 30, 2018 AND 2017 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for Series D units for the three months and nine months ended ~~March 31,~~September 30, 2018. This information has been derived from information presented in the financial statements.

	Series D ₍₁₎
	Three Months Ended September 30, 2018			Nine Months Ended September 30, 2018
Per Unit Performance
(for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period	$	993.47		$	1,052.25

Income (loss) from operations:
Total net trading gains (losses) ₍₂₎		(2.44	)		(54.12	)
Net investment income (loss) ₍₂₎		(1.55	)		(6.16	)
Total net income (loss) from operations		(3.99	)		(60.28	)
Offering costs ₍₂₎		(1.23	)		(3.72	)
Net asset value per unit at end of period	$	988.25		$	988.25
Total Return ₍₅₎		(0.53	)%		(6.08	)%

Supplemental Data

Ratios to average net asset value:
Expenses prior to performance fee₍₄₎		3.02	%		2.87	%
Performance fee ₍₅₎		0.00	%		0.00	%
Total expenses		3.02	%		2.87	%
Net investment income (loss) _(3),(4)		(0.63	)%		(0.79	)%

Series D ₍₁₎

Three Months Ended
March 31, 2018
Per Unit Performance
(for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period $ 1,052.25

Income (loss) from operations:
Total net trading gains (losses) ₍₂₎
(36.41 )
Net investment income (loss) ₍₂₎
(4.26 )
Total net income (loss) from operations (40.67 )
Offering costs ₍₂₎
(1.29 )
Net asset value per unit at end of period $ 1,010.29
Total Return ₍₅₎
(3.99 )%

Supplemental Data

Ratios to average net asset value:
Expenses prior to performance fee ₍₄₎
2.83 %
Performance fee ₍₅₎
0.00 %
Total expenses 2.83 %
Net investment income (loss) _(3),(4)
(1.57 )%

(1)	Series D Units commenced trading on October 1, 2017.

(2)

~~(3)~~

~~Excludes performance fee.~~

(3)	Excludes performance fee.

(4)	Annualized.

~~Table of Contents~~

TH~~E CAMPBELL FUND TRUST~~

~~NOTES TO FINANCIAL STATEMENTS~~

~~MARCH 31, 2018 (Unaudited)~~

Table of Contents

THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2018 (Unaudited)

Offsetting of Derivative Assets
As of September 30, 2018
Type of Instrument	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	10,248,802	$	(4,442,104	)	$	5,806,698
Futures contracts	Goldman Sachs		10,122,921		(3,976,616	)		6,146,305
Forward currency contracts	NatWest Markets plc		7,181,092		(7,181,092	)		0
Total derivatives		$	27,552,815	$	(15,599,812	)	$	11,953,003

Derivative Assets and Collateral Received by Counterparty
As of September 30, 2018
	Net Amounts of Unrealized Gain in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	5,806,698	$	0	$	0	$	5,806,698
Goldman Sachs		6,146,305		0		0		6,146,305
NatWest Markets plc		0		0		0		0
Total	$	11,953,003	$	0	$	0	$	11,953,003

Offsetting of Derivative Liabilities
As of September 30, 2018
Type of Instrument	Counterparty	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	4,442,104	$	(4,442,104	)	$	0
Futures contracts	Goldman Sachs		3,976,616		(3,976,616	)		0
Forward currency contracts	NatWest Markets plc		11,837,695		(7,181,092	)		4,656,603
Total derivatives		$	20,256,415	$	(15,599,812	)	$	4,656,603

Offsetting of Derivative Assets
As of December 31, 2017
Type of Instrument Counterparty Gross Amounts
of Recognized
Assets

Gross Amounts
Offset in the
Statements of
Financial Condition

Net Amounts of
Unrealized Gain
Presented in the
Statements of
Financial Condition

Futures contracts UBS Securities LLC $ 11,246,678 $ (6,805,740 ) $ 4,440,938
Futures contracts Goldman Sachs 11,149,097 (6,595,575 ) 4,553,522
Forward currency contracts Royal Bank of Scotland 17,067,988 (13,966,124 ) 3,101,864
Total derivatives $ 39,463,763 $ (27,367,439 ) $ 12,096,324

Derivative Liabilities and Collateral Pledged by Counterparty
As of September 30, 2018
	Net Amounts of Unrealized Loss in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments		Cash Collateral Pledged			Net Amount
UBS Securities LLC	$	0	$	0	$	0		$	0
Goldman Sachs		0		0		0			0
NatWest Markets plc		4,656,603		0		(4,656,603	)		0
Total	$	4,656,603	$	0	$	(4,656,603	)	$	0

Derivative Assets and Collateral Received by Counterparty
As of December 31, 2017
Net Amounts
of Unrealized Gain
in the Statements
of Financial Condition
Gross Amounts Not Offset in
the Statements of Financial Condition

Counterparty
Financial
Instruments

Cash Collateral
Received
Net Amount
UBS Securities LLC $ 4,440,938 $ 0 $ 0 $ 4,440,938
Goldman Sachs 4,553,522 0 0 4,553,522
Royal Bank of Scotland 3,101,864 0 0 3,101,864
Total $ 12,096,324 $ 0 $ 0 $ 12,096,324

Offsetting of Derivative Liabilities
As of December 31, 2017
Type of Instrument Counterparty Gross
Amounts of
Recognized
Liabilities

Gross Amounts
Offset in the
Statements of
Financial Condition

Net Amounts of
Unrealized Loss
Presented in the
Statements of
Financial Condition

Futures contracts UBS Securities LLC $ 6,805,740 $ (6,805,740 ) $ 0
Futures contracts Goldman Sachs 6,595,575 (6,595,575 ) 0
Forward currency contracts Royal Bank of Scotland 13,966,124 (13,966,124 ) 0
Total derivatives $ 27,367,439 $ (27,367,439 ) $ 0

Derivative Liabilities and Collateral Pledged by Counterparty
As of December 31, 2017
Net Amounts
of Unrealized Loss
in the Statements
of Financial Condition

Gross Amounts Not Offset in
the Statements of Financial Condition

Counterparty
Financial
Instruments

Cash Collateral
Pledged
Net Amount
UBS Securities LLC $ 0 $ 0 $ 0 $ 0
Goldman Sachs �� 0 0 0 0
Royal Bank of Scotland 0 0 0 0
Total $ 0 $ 0 $ 0 $ 0

Table of Contents

THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2018 (Unaudited)

Offsetting of Derivative Assets
As of December 31, 2017
Type of Instrument	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	11,246,678	$	(6,805,740	)	$	4,440,938
Futures contracts	Goldman Sachs		11,149,097		(6,595,575	)		4,553,522
Forward currency contracts	NatWest Markets plc		17,067,988		(13,966,124	)		3,101,864
Total derivatives		$	39,463,763	$	(27,367,439	)	$	12,096,324

Derivative Assets and Collateral Received by Counterparty
As of December 31, 2017
	Net Amounts of Unrealized Gain in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	4,440,938	$	0	$	0	$	4,440,938
Goldman Sachs		4,553,522		0		0		4,553,522
NatWest Markets plc		3,101,864		0		0		3,101,864
Total	$	12,096,324	$	0	$	0	$	12,096,324

Offsetting of Derivative Liabilities
As of December 31, 2017
Type of Instrument	Counterparty	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	6,805,740	$	(6,805,740	)	$	0
Futures contracts	Goldman Sachs		6,595,575		(6,595,575	)		0
Forward currency contracts	NatWest Markets plc		13,966,124		(13,966,124	)		0
Total derivatives		$	27,367,439	$	(27,367,439	)	$	0

Derivative Liabilities and Collateral Pledged by Counterparty
As of December 31, 2017
	Net Amounts of Unrealized Loss in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments		Cash Collateral Pledged		Net Amount
UBS Securities LLC	$	0	$	0	$	0	$	0
Goldman Sachs		0		0		0		0
NatWest Markets plc		0		0		0		0
Total	$	0	$	0	$	0	$	0

TH23~~E CAMPBELL FUND TRUST~~

~~NOTES TO FINANCIAL STATEMENTS~~

~~MARCH 31,~~

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THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2018 (Unaudited)

Campbell & Company has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. Campbell & Company's basic market risk control procedures consist of continuously monitoring open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio that rarely exceeds 30%. Campbell & Company's attempt to manage the risk of the Trust's open positions is essentially the same in all market categories traded. Campbell & Company applies risk management policies to its trading which generally limit the total exposure that may be taken per "risk unit" of assets under management. In addition, Campbell & Company follows diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups), as well as reducing position sizes dynamically in response to trading losses. Campbell & Company controls the risk of the Trust's non-trading fixed income instruments by limiting the duration of such instruments and requiring a minimum credit quality of the issuers of those instruments.

Campbell & Company seeks to minimize credit risk primarily by depositing and maintaining the Trust's assets at financial institutions and brokers which Campbell & Company believes to be credit worthy. The unitholder bears the risk of loss only to the extent of the market value of their respective investments and, in certain specific circumstances, distributions and redemptions received.

Note 11. INDEMNIFICATIONS

In the normal course of business, the Trust enters into contracts and agreements that contain a variety of representations and warranties which provide general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The Trust expects the risk of any future obligation under these indemnifications to be remote.

Note 12. INTERIM ~~FINANCIALS~~FINANCIAL STATEMENTS

The Statements of Financial Condition, including the Condensed Schedules of Investments, as of ~~March 31,~~September 30, 2018 and December 31, 2017, the Statements of Operations and Financial Highlights for the three months and nine months ended ~~March 31,~~September 30, 2018 and 2017, and the Statements of Cash Flows and Changes in Unitholders’ Capital (Net Asset Value) for the ~~three~~nine months ended ~~March 31,~~September 30, 2018 and 2017 are unaudited. In the opinion of management, such financial statements reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of financial position as of ~~March 31,~~September 30, 2018 and December 31, 2017, the results of operations and financial highlights for the three months and nine months ended ~~March 31,~~September 30, 2018 and 2017, and cash flows and changes in unitholders’ capital (Net Asset Value) for the ~~three~~nine months ended ~~March 31,~~September 30, 2018 and 2017.

Note 13. SUBSEQUENT EVENTS

Management of the Trust has evaluated subsequent events through the date the financial statements were filed. There are no subsequent events to disclose or record.

2324

Table of Contents

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Introduction

The Campbell Fund Trust (the "Trust") is a business trust organized on January 2, 1996 under the Delaware Business Trust Act, which was replaced by the Delaware Statutory Trust Act as of September 1, 2002. The Trust is a successor to the Campbell Fund Limited Partnership (formerly known as the Commodity Trend Fund) which began trading operations in January 1972. The Trust currently trades in the U.S. and international futures and forward markets under the sole direction of Campbell & Company, LP, the managing operator of the Trust. Specifically, the Trust trades in a diverse array of global assets, including global interest rates, stock indices, currencies and commodities. The Trust is an actively managed account with speculative trading profits as its objective.

Effective August 31, 2008, the Trust began offering Series A, Series B, and Series W Units. The units in the Trust prior to that date became Series B Units. Series B Units are only available for additional investment by existing holders of Series B Units. Effective August 1, 2017, the Trust began offering Series D units.

As of ~~March 31,~~September 30, 2018, the aggregate capitalization of the Trust was ~~$508,246,098~~$379,744,093 with Series A, Series B, Series D and Series W comprising ~~$378,336,951, $63,943,614, $983,780~~$298,541,979, $45,447,164, $1,299,167 and ~~$64,981,753,~~$34,455,783, respectively, of the total. The Net Asset Value per Unit was ~~$2,512.21~~$2,444.38 for Series A, ~~$2,728.16~~$2,658.63 for Series B, ~~$1,010.29~~$988.25 for Series D and ~~$2,870.68~~$2,818.63 for Series W.

Critical Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Management believes that the estimates utilized in preparing the financial statements are reasonable and prudent; however, actual results could differ from those estimates. The Trust's significant accounting policies are described in detail in Note 1 of the Financial Statements.

The Trust records all investments at fair value in its financial statements, with changes in fair value reported as a component of realized and change in unrealized trading gain (loss) in the Statements of Operations. Generally, fair values are based on market prices; however, in certain circumstances, estimates are involved in determining fair value in the absence of an active market closing price (i.e., forward contracts which are traded in the inter-bank market).

Capital Resources

The Trust will raise additional capital only through the sale of Units offered pursuant to the continuing offering, and does not intend to raise any capital through borrowing. Due to the nature of the Trust's business, it will make no capital expenditures and will have no capital assets which are not operating capital or assets.

The Trust generally maintains 60% to 75% of its net asset value in cash, cash equivalents or other liquid positions in its cash management program over and above that needed to post as collateral for trading. These funds are available to meet redemptions each month. After redemptions and additions are taken into account each month, the trade levels of the Trust are adjusted and positions in the instruments the Trust trades are added or liquidated on a pro-rata basis to meet those increases or decreases in trade levels.

Liquidity

Most United States futures exchanges limit fluctuations in futures contracts prices during a single day by regulations referred to as "daily price fluctuation limits" or "daily limits." During a single trading day, no trades may be executed at prices beyond the daily limit. Once the price of a futures contract has reached the daily limit for that day, positions in that contract can neither be taken nor liquidated. Futures prices have occasionally moved to the daily limit for several consecutive days with little or no trading. Similar occurrences could prevent the Trust from promptly liquidating unfavorable positions and subject the Trust to substantial losses which could exceed the margin initially committed to such trades. In addition, even if futures prices have not moved the daily limit, the Trust may not be able to execute futures trades at favorable prices, if little trading in such contracts is taking place. Other than these limitations on liquidity, which are inherent in the Trust's futures trading operations, the Trust's assets are expected to be highly liquid.

The entire offering proceeds, without deductions, will be credited to the Trust's bank, custodial and/or cash management accounts. The Trust meets margin requirements for its trading activities by depositing cash and U.S. government securities with the futures ~~broker~~brokers and the over-the-counter counterparty. This does not reduce the risk of loss from trading activities. The Trust receives all interest earned on its assets. No other person shall receive any interest or other economic benefits from the deposit of Trust assets.

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Approximately 10% to 30% of the Trust's assets normally are committed as required margin for futures contracts and held by the futures brokers, although the amount committed may vary significantly. Such assets are maintained in the form of cash or U.S. Treasury Bills in segregated accounts with the futures brokers pursuant to the Commodity Exchange Act and regulations thereunder. Approximately 5% to 15% of the Trust's assets are deposited with the over-the-counter counterparty in order to initiate and maintain forward contracts. Such assets are not held in segregation or otherwise regulated under the Commodity Exchange Act, unless such over-the-counter counterparty is registered as a futures commission merchant. These assets are held either in U.S. government securities or short-term time deposits with U.S.-regulated bank affiliates of the over-the-counter counterparty.

~~Table of Contents~~

The managing operator deposits the majority of those assets of the Trust that are not required to be deposited as margin with the futures brokers and over-the-counter counterparties in a custodial account with Northern Trust Company. The assets deposited in the custodial account with Northern Trust Company are segregated. Such custodial account constitutes approximately 60% to 75% of the Trust's assets and are invested directly by PNC Capital Advisors, LLC ("PNC"). PNC is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940. PNC does not guarantee any interest or profits will accrue on the Trust's assets in the custodial account. PNC invest the assets according to agreed upon investment guidelines that first preserve capital, second allow for sufficient liquidity, and third provide a yield beyond the risk-free rate. Investments can include, but are not limited to, (i) U.S. Government Securities, Government Agency Securities, Municipal Securities, banker acceptances and certificates of deposits; (ii) commercial paper; (iii) short-term investment grade corporate debt; and (iv) Asset Backed Securities.

The Trust occasionally receives margin calls (requests to post more collateral) from its futures brokers or over-the-counter counterparty, which are met by moving the required portion of the assets held in the custody account at Northern Trust to the margin accounts. In the past three years, the Trust has not needed to liquidate any position as a result of a margin call.

The Trust's assets are not and will not be, directly or indirectly, commingled with the property of any other person in violation of law or invested in or loaned to Campbell & Company or any affiliated entities.

Off-Balance Sheet Risk

The term "off-balance sheet risk" refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in future obligation or loss. The Trust trades in futures and forward contracts and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts there exists a risk to the Trust, market risk, that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interests positions of the Trust at the same time, and if the Trust's trading advisor was unable to offset futures interests positions of the Trust, the Trust could lose all of its assets and the Unitholders would realize a 100% loss. Campbell & Company, the managing operator (who also acts as trading advisor), minimizes market risk through real-time monitoring of open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio that rarely exceeds 30% however, these precautions may not be effective in limiting the risk of loss.

In addition to market risk, in entering into futures and forward contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Trust. The counterparty for futures contracts traded in the United States and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions.

In the case of forward contracts, which are traded on the interbank market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a group of financial institutions; thus there may be a greater counterparty credit risk. Campbell & Company trades for the Trust only with those counterparties which it believes to be creditworthy. All positions of the Trust are valued each day at fair value. There can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Trust.

Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts Accounted for at Fair Value

The Trust invests in futures and forward currency contracts. The market value of futures (exchange-traded) contracts is determined by the various futures exchanges, and reflects the settlement price for each contract as of the close of the last business day of the reporting period. The fair value of forward (non-exchange traded) contracts is extrapolated on a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) of the last business day of the reporting period.

Table of Contents

Results of Operations

The returns for the ~~three~~nine months ended ~~March 31,~~September 30, 2018 and 2017 for Series A were ~~(4.11)~~(6.70)% and ~~(0.62)~~(3.98)%, Series B were ~~(3.99)~~(6.43)% and ~~(0.49)~~(3.62)%, Series D (commenced trading on October 1, 2017) were ~~(3.99)~~(6.08)% and 0.00% and Series W were ~~(3.62)~~(5.37)% and ~~(0.16)~~(2.56)%, respectively.

~~Table of Contents~~

2018 (For the ~~Three~~Nine Months Ended ~~March 31)~~September 30)

Of the ~~(4.11)~~(6.70)% return for ~~three~~nine months ended ~~March 31,~~September 30, 2018 for Series A, approximately ~~(3.17)~~(4.35)% was due to trading losses (before commissions) and approximately ~~(1.27)~~(3.83)% due to brokerage fees, management fees, offering costs and operating costs, offset by approximately ~~0.33%~~1.48% due to investment income earned by Series A.

Of the ~~(3.99)~~(6.43)% return for ~~three~~nine months ended ~~March 31,~~September 30, 2018 for Series B, approximately ~~(3.17)~~(4.35)% was due to trading losses (before commissions) and approximately ~~(1.15)~~(3.56)% due to brokerage fees, management fees and operating costs, offset by approximately ~~0.33%~~1.48% due to investment income earned by Series B.

Of the ~~(3.99)~~(6.08)% return for ~~three~~nine months ended ~~March 31,~~September 30, 2018 for Series D, approximately ~~(3.17)~~(4.35)% was due to trading losses (before commissions) and approximately ~~(1.15)~~(3.21)% due to brokerage fees, management fees, offering costs and operating costs, offset by approximately ~~0.33%~~1.48% due to investment income earned by Series D.

Of the ~~(3.62)~~(5.37)% return for ~~three~~nine months ended ~~March 31,~~September 30, 2018 for Series W, approximately ~~(3.17)~~(4.35)% was due to trading losses (before commissions) and approximately ~~(0.78)~~(2.50)% due to brokerage fees, management fees, offering costs and operating costs, offset by approximately ~~0.33%~~1.48% due to investment income earned by Series W.

During the ~~three~~nine months ended ~~March 31,~~September 30, 2018, the Trust accrued management fees in the amount of ~~$5,031,566~~$13,492,725 and paid management fees in the amount of ~~$5,158,718.~~$13,978,708. There were no performance fees accrued during this period and performance fees were paid in the amount of $3,207.

An analysis of the ~~(3.17)~~(4.35)% gross trading losses for the Trust for the ~~three~~nine months ended ~~March 31,~~September 30, 2018 by sector is as follows:

Sector	% Gain (Loss)
Commodities		(~~0.21~~1.21	)%
Currencies		~~0.73~~0.81
Interest Rates		~~1.51~~0.58
Stock Indices		(~~5.20~~4.53	)
		(~~3.17~~4.35	)%

The Trust showed a profit in January as gains came from foreign exchange, stock index, and interest rate holdings. Commodity positions showed some losses. Foreign exchange positioning, in both developed and emerging FX markets, generated gains during January. The Trust was predominately positioned short the US dollar against other traded currencies and benefitted from a weaker greenback during the month. The weakness can be attributed to a few different themes, including expected hawkish central bank policy shifts outside the US as growth exceeds expectations, trade tensions, and US deficit concerns. The best gains came from long positioning on the British pound, Norwegian krone, and euro all versus short the US dollar. Long positioning on global stock indices also drove profits for the Trust. Most global stock indices welcomed 2018 with robust gains driven by a variety of factors. A synchronized upswing of global economic growth, stronger than expected corporate earnings results, and a major tailwind from the recently passed tax reform in the US all drove equities higher. The so-called “fear of missing out” dynamic only intensified the demand for equity exposure. The best profits were generated in the United States and across Asia, specifically in Hong Kong and Taiwan. Interest rate positions, from long-dated and short-dated bond markets, created additional gains for the Trust. Short positioning on US markets, specifically the 10-year and 5-year notes along with 90-day Eurodollar and 2-year notes, drove a bulk of the profits in the sector. US yields marched higher throughout the month as bond prices dropped amid expectations that the US Federal Reserve will continue its gradual interest rate policy tightening, as US inflation expectations continue to firm against a positive economic backdrop. Commodity holdings produced losses during the month. Profits from long positioning on precious and industrial metals and energy markets were overwhelmed by losses from short grain holdings. The weaker US dollar and stronger economic environment helped the metal and energy longs while strong export sales data hurt the grain shorts.

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The Trust declined in February due to losses from stock index, commodity, and foreign exchange holdings. Fixed income positions showed partially offsetting gains. Long positioning on global stock indices drove losses for the Trust. After extending the long-term rally to start 2018, global equity markets spiked lower in the first half of the month. The sell-off was led by US stocks as markets experienced a sharp increase in volatility. While crowded equity positions sold off on profit-taking, the VIX (a measure of volatility on the S&P 500) had its largest ever daily climb on February 5th. The largest Trust loss came out of the US, specifically on the short VIX contract. Commodity holdings produced additional losses. The biggest commodity sub-sector losses were found within the energy markets as long positioning across the complex suffered on the back of increasing US supplies. Additionally, short grain positions generated losses as those markets rallied on strong export sales activity and weather concerns in key growing regions. Long precious metal positions also produced losses amid the stronger US dollar, firmer inflation, and quicker Fed tightening expectations. Foreign exchange positioning, in both developed and emerging FX markets, generated losses during February. After the recent trend of a weakening US dollar, the Trust was positioned short the USD against all of our traded currencies and suffered from a broad correction in the greenback during the month. The reaction from the FX markets to the equity sell-off early in the month was relatively muted, and the market instead focused on higher US yields and heightened inflation expectations. Interest rate positions created some offsetting gains for the Trust. Short positioning on US markets drove the bulk of the profits in the sector. After global fixed income markets rallied on the risk-off trade early in February, Treasuries saw a greater correction than other government bond markets. US yields ultimately moved higher on the month amid expectations that the Federal Reserve will continue its path of tightening, while inflation expectations continue to firm against a positive economic backdrop.

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March for the Trust was comprised of gains from commodity holdings while stock index and foreign exchange positions showed partially offsetting losses. Interest rate positions had little impact on the Trust during the month. Commodity holdings produced the best gains during March. Long positioning on the crude complex within the energy sub-sector generated profits. Geopolitical concerns around the US potentially pulling out of the Iran nuclear deal, bullish inventory data, and speculation that ~~OPEC~~the Organization of Petroleum Exporting Countries (“OPEC”) might extend existing production cuts all combined to push energy prices higher during the month. Mixed positioning across the softs sub-sector proved profitable in March as well. A short sugar position gained amid ongoing global surplus concerns while a long cocoa holding also experienced profits as output worries from the Ivory Coast lifted prices. Long positioning on global stock indices produced some losses for the Trust. Holdings in Australia, Singapore, Hong Kong, Japan, and the US contributed to some of the worst performance within the sector. Fear over a potential global trade war, tightening financial conditions after the US Federal Reserve raised interest rates, and concern over additional turnover among senior members of President Trump’s inner circle all put pressure on global equity markets during the month. Foreign exchange positioning on developed FX markets drove the sector’s losses during March. A late month rally in the US dollar produced losses from short dollar positions. The largest loss came from short US dollar versus a long euro holding. Dampening of concerns around a global trade war and quarter-end flows into the greenback both helped to boost the currency in the waning days of the month. Positioning on emerging market currencies produced almost no P&L effect for the Trust during March. Interest rate positions contributed a negligible P&L impact for the Trust. Gains from long-term markets were offset by losses in short-term markets leaving the sector nearly unchanged for the month.

The Trust had losses in April which came from foreign exchange and commodity positions while fixed income and stock index holdings produced some partially offsetting gains for the Trust. Foreign exchange positioning, in both developed and emerging FX markets, generated losses in April. After the recent trend of a weakening US dollar, the Trust was positioned short the US dollar against most of our traded currencies and suffered from a broad correction in the greenback. Early in the month, FX markets focused more on trade frictions and geopolitical tension but as those concerns eased, the market instead looked to higher US interest rates and heightened inflation expectations, causing a US dollar rally. Commodity holdings produced additional losses during April. The biggest sub-sector detractor was found within the industrial metals complex. Short positioning on aluminum suffered when the commodity pushed higher on supply worries following Russian sanctions by the White House. Energy and soft commodity holdings produced partially offsetting gains. Long positioning across the crude complex generated profits as the sub-sector rose to multi-year highs on supply disruptions. Interest rate positions, from long-dated and short-dated bond markets, created gains for the Trust. Short positioning on US markets, specifically the 10-year and 5-year notes along with Eurodollar and 2-year notes, drove profits in the sector. US bond prices fell and yields trended higher with the 10-year note yield piercing the widely scrutinized 3% level intra-month. Firming inflation expectations and the rebound in the US dollar provided support to yields. Long positioning on several stock indices produced additional gains as global stock markets rose in April. Reduced tariff tensions, strong US earnings, and eased geopolitical concerns on the Korean peninsula provided a tailwind for equities during the month. Additionally, European stocks were supported after the European Central Bank (“ECB”) steered away from any surprises during their April meeting.

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Losses in May came from all four asset classes traded by the Trust – Interest Rates, FX, Commodities, and Stock Indices. Interest rate positions generated some of the largest losses for the Trust during May. Long positioning on the Italian 10-year note suffered amid a sharp sell-off due to political turmoil in the country which sparked speculation that Italy might leave the European Union. That same turmoil sent US interest rate markets higher due to safe-haven buying which hurt the Trust as it was positioned short across the entire US interest rate curve in anticipation of further FOMC rate hikes later this year. Foreign exchange positioning, in both developed and emerging FX markets, also generated losses during the month. A long position on the British pound (versus short US dollar) declined in value as the ongoing BREXIT impasse, weaker UK economic data, and fading Bank of England rate-hike expectations all conspired to push the currency lower. A long position on the Turkish lira added to sector losses as economic and political woes in that country sent the EM currency to record lows against the dollar. Commodity holdings produced additional losses as well. A short sugar position suffered as the soft commodity advanced as Brazilian supply concerns boosted prices amid a trucker strike in the country. Other sub-sector losses were experienced in the grains, meats, and precious metals. The energy sub-sector, however, provided some partially offsetting gains. Long positioning across the crude complex benefitted as prices generally stayed in the uptrend that began almost one year ago. Long positioning on a variety of global stock indices produced some good profits for the Trust early in the month as most world indices experienced gains. Unfortunately, later in May, the political concerns that flared in Italy and renewed trade tensions between the US and China trigged a sharp reversal in prices, especially in Europe and Asia, which resulted in losses for some of the holdings. A long position on the Italian stock index was one of the worst performing markets for the sector.

Gains in June came from all four asset classes traded by the Trust – FX, Interest Rates, Commodities, and Stock Indices. Foreign exchange positioning generated some of the strongest gains during the month. While the positive returns were dominated by our short developed market positions (versus long the USD), we also saw gains across various emerging market currencies as well. The US dollar saw choppy trading early in June but ultimately continued the uptrend from the first two months of the second quarter. The DXY dollar index hit fresh 2018 highs and the greenback finished the month stronger versus the majority of our tradeable currencies. The back and forth headlines on a potential global trade war, coupled with dovish policies outside of the US, proved to be the major macro themes driving foreign exchange markets during the month. Interest rate positions generated additional gains for the Trust during June. Short positioning in US markets, specifically the 90-day Eurodollar and 2-year notes, created the bulk of fixed income gains as yields rose (prices fell) on the back of a 25 basis point FOMC rate hike, hawkish US Fed commentary, and a higher-than-expected projection for two additional US rate hikes this year. Policy divergence between the Fed and other central banks, such as the ECB and the Bank of Japan, benefitted our positioning. Commodity holdings produced small additional profits as well. A short corn position experienced strong profits as the grain fell to multi-month lows amid above-average crop progress and on concerns that trade tensions between the US and China could hurt US exports. Long energy positions produced profits after a larger-than-expected reduction in US oil inventories. Long positioning on a variety of global stock indices added slightly to the positive monthly result. Stock index returns ebbed and flowed on the numerous headlines surrounding trade tensions between the US and her trading partners. Some of the best monthly stock index gains were found in Australia, Canada, and the United States.

Losses in July came from commodities, FX and interest rates, while stock indices provided some partially offsetting gains. Commodity holdings produced some of the largest monthly losses for the Trust. Long energy positions declined as the complex fell from multi-year highs amid a myriad of bearish developments including global trade tensions and climbing output from OPEC. Short grain positions suffered as the agricultural complex rallied sharply sparking a short squeeze amid supply concerns. Long positioning on the industrial metals also created losses due to a sell-off created by fears over a global trade war and related concerns about future demand from China. Foreign exchange positioning generated additional losses during the month. Short commodity currency holdings (versus long US dollar) produced losses for the Trust as those markets rose as trade war fears dampened somewhat in the second half of the month. Short European foreign exchange positioning (versus long US dollar) also experienced losses, most notably from the Swedish krona which rallied after the Riksbank (Sweden’s central bank) turned more hawkish amid stronger economic data in that country during the month. Interest rate positions were also a drag on the Trust during July. Long positioning in Europe and the APAC region suffered as bond investors grew more concerned that global central banks are beginning to slowly withdraw stimulus with an eye towards higher interest rates in the future. Short positioning across much of the US interest rate curve provided some partially offsetting gains as US fixed income prices fell with other global bond markets. Long positioning on a variety of global stock indices added some partially offsetting gains to the Trust during the month. Most stock indices enjoyed a bullish tailwind from a stronger-than-expected second quarter earnings season which eclipsed the uncertainty caused by on-again, off-again international trade tensions.

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Profits in August came from commodities and FX while interest rates and stock indices provided some partially offsetting losses during the month. Commodity holdings produced some of the largest monthly gains for the Trust. Short grain positions profited as the sub-sector sold off amid trade turmoil, beneficial weather, and higher yield estimates. Long energy holdings across the crude complex experienced gains as looming US sanctions on Iran, which are expected to cripple the nation’s oil exports, as well as larger than expected US inventory draws, fueled prices higher. The soft commodity sub-sector also added gains to the bottom-line, led by a short coffee holding. Coffee prices were pressured to a 12-year low amid a weaker Brazilian real and record harvest forecasts in Brazil. Foreign exchange positioning generated additional profits during the month. Long US dollar positions, against both developed and emerging market currencies, generated the gains. A short New Zealand dollar holding (versus long US dollar) experienced some of the greatest gains as weaker economic data and a dovish central bank caused the kiwi to sell-off. In emerging markets, a short holding on the South African rand (versus long US dollar) provided profits as expectations for further increases in US interest rates continued to put pressure on emerging market currencies. Interest rate positions were a drag on the Trust during August. Short positioning on US and United Kingdom fixed income markets suffered amid flight-to-safety buying and short-covering. Mounting concerns over the stability of emerging markets, especially in countries such as Argentina and Turkey, fueled demand for the relative safety of fixed income instruments as potential contagion fears spread. Long positioning on a variety of global stock indices also detracted from the monthly gains of the Trust. European and Asia long holdings generated most of the losses. Ongoing global trade tensions linked with uncertainty over BREXIT negotiations in the UK, and weaker than expected tech earnings, in Asia pressured those regions lower.

The Trust declined in September due to losses from FX and stock index positions, while commodity and fixed income holdings produced offsetting gains for the Trust. Foreign exchange positioning, in both developed and emerging markets, generated losses in September. After the recent trend of a strengthening US dollar and emerging market weakness, the Trust was positioned long the US dollar against most of our traded currencies and suffered from a correction in the greenback. Early in the month, FX markets focused more on trade frictions and geopolitical tension but those concerns gradually eased and emerging market currencies saw their first monthly gain since March. Stock index holdings produced additional losses for the Trust. Long positioning on a variety of indices suffered from choppy markets that were whipsawed by global trade concerns between the US and her major economic partners. Balancing losses were gains seen from the Nikkei, which posted its best month in a year. Japanese shares were helped by a weaker yen which acted as a tailwind to exporters and a government which may be willing to make a trade deal. Interest rate positions from short US fixed income markets created gains for the Trust during the month. US bond markets fell and yields rose due to firming inflation data, a hike by the US Federal Reserve, and the decreasing risk of emerging market contagion. Providing smaller offsetting losses were our long positions on the long-dated European bond markets. Commodity holdings produced additional offsetting gains for the Trust during the month. The largest sub-sector gains were found in energies as long WTI and Brent oil positions profited. Oil prices rose on the potential for refinery disruptions from tropical storms and fears of a supply crunch from looming US-lead sanctions on Iran, outweighing the bearish effects of escalating disputes over global trade.

2017 (For the ~~Three~~Nine Months Ended ~~March 31)~~September 30)

Of the ~~(0.62)~~(3.98)% return for ~~three~~nine months ended ~~March 31,~~September 30, 2017 for Series A, approximately ~~0.43%~~(0.91)% due to trading ~~gains~~losses (before commissions) and approximately ~~0.26% due to investment income, offset by approximately (1.31)~~(3.94)% due to brokerage fees, management fees, operating costs and offering costs, ~~borne~~offset by approximately 0.87% due to investment income earned by Series A.

Of the ~~(0.49)~~(3.62)% return for ~~three~~nine months ended ~~March 31,~~September 30, 2017 for Series B, approximately ~~0.43%~~(0.91)% due to trading ~~gains~~losses (before commissions) and approximately ~~0.26% due to investment income, offset by approximately (1.18)~~(3.58)% due to brokerage fees, management fees and operating costs, ~~borne~~offset by approximately 0.87% due to investment income earned by Series B.

Of the ~~(0.16)~~(2.56)% return for ~~three~~nine months ended ~~March 31,~~September 30, 2017 for Series W, approximately ~~0.43%~~(0.91)% due to trading ~~gains~~losses (before commissions) and approximately ~~0.26% due to investment income, offset by approximately (0.85)~~(2.52)% due to brokerage fees, management fees, service fees, operating costs and offering costs, ~~borne~~offset by approximately 0.87% due to investment income earned by Series W.

During the ~~three~~nine months ended ~~March 31,~~September 30, 2017, the Trust accrued management fees in the amount of ~~$6,883,524~~$18,739,913 and paid management fees in the amount of ~~$7,083,408.~~$19,450,216. No performance fees were accrued or paid during this period.

An analysis of the ~~0.43%~~(0.91)% gross trading ~~gains~~losses for the Trust for the ~~three~~nine months ended ~~March 31,~~September 30, 2017 by sector is as follows:

Sector	% Gain (Loss)
Commodities		(~~2.42~~7.85	)%
Currencies		(~~2.78~~3.57	)
Interest Rates		(~~1.82~~4.22	)
Stock Indices		~~7.45~~14.73
		~~0.43~~(0.91	)%

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FX and commodity losses offset gains in stock indices and led to a down January as losses came from foreign exchange, commodity, and interest rate positions while stock index holdings produced some partially offsetting gains. Foreign exchange (FX) produced some of the largest losses during the month. Positioning within FX was broadly long the US dollar versus most other major currencies. Following the election of Donald Trump, the US dollar strengthened and our trading systems generally aligned positioning with that momentum. However, January saw a reversal of this trend as investors pared back their bullish bets on the greenback amid worries that President Trump was focusing more on protectionism than on pro-growth economic policies. Our FX holdings suffered as a result of this broad reversal in the US dollar. Commodity holdings added to the January losses. Within the energy sub-sector, long positioning on gasoline produced losses amid bearish inventory data. Short soybean holdings, part of the grains sub-sector, experienced losses due to a weakening US dollar and flood conditions in Argentina. In the softs sub-sector, a short on coffee saw losses due to a stronger Brazilian real and a downgrade to Brazil’s output forecast. Some partially offsetting gains came from the industrial metals sub-sector. Long positioning on zinc, copper, and aluminum all saw gains amid a combination of bullish fundamentals, especially from China, and some supply disruptions. Interest rate holdings also produced losses. Long holdings on the German 10-year note saw declines as bond prices fell amid rising inflation in the Eurozone. Inflation reached a 4-year high and approached the ECB’s stated 2% target. Stock index holdings contributed some offsetting gains. Long holdings across our universe of global stock indices benefited from a continuation of the rally that started with the election of Trump and his expected reflationary policies. Concerns over President Trump’s Executive Order limiting some immigration into the US capped gains late in the month as some investors became unnerved by the action.

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Gains in stock indices, FX, and interest rates led to a profitable February as profits came from stock indices, foreign exchange, and interest rate positions while commodity holdings produced some partially offsetting losses for the Trust. Stock index holdings contributed some of the strongest gains to the Trust. Long holdings across the Trust’s universe of global stock indices benefited from generally better than expected economic data. The Bloomberg US indicator of economic surprises reached its strongest level since 2012. Solid fourth quarter 2016 corporate earnings reports also helped to fuel the rally, along with a steadily improving US labor market. Stock markets continued to look past the new Trump administration’s lack of policy implementation details and focused more on the potential benefits that tax reform, deregulation, and infrastructure spending might provide to global economies. Foreign exchange (FX) produced some additional gains as the Trust's models took advantage of the mixed performance among the developed and emerging FX markets. Long positioning on higher-yielding currencies, such as the South African rand which rallied over 3% in February, proved profitable. A short position on the euro also showed a gain when it weakened on the back of French election concerns in the EU. Interest rate holdings also produced profits. Long positioning on longer-dated instruments within Germany provided some of the best gains. German 5-year and 10-year notes both rallied on a flight to quality move as investors grew more concerned about the spring French Presidential election. Marine Le Pen, the head of the far-right French Front National Party who has threatened to try to pull France out of the EU if elected, rose in the polls during the month. Commodity holdings modestly detracted from the February gains for the Trust. Profits from precious metals (mostly from silver) and industrial metals (mostly from aluminum) were more than offset by losses in the other sub-sectors. Grains were one of the worst performing sub-sectors as a short position on wheat suffered as the market rose to a 7-month high amid tight global ending stock projections.

Mixed performance across the asset classes traded led to a down March as losses came from interest rate, foreign exchange, and commodity positions while stock index holdings produced some partially offsetting gains. Interest rate holdings produced some of the largest losses during the month. Long positioning on instruments within Germany sold off on higher EU inflation readings and as investors grew more comfortable that anti-EU political populism in France and the Netherlands was stalling. Short positioning within the US was hurt when fixed income instruments reversed the recent downtrend mid-month amid a less hawkish Federal Open Market Committee (“FOMC”) message communicated after their decision to hike interest rates on March 15th. Foreign exchange produced some additional losses as our models failed to successfully navigate a choppy month of price action for the US dollar. For example, long positioning on the New Zealand dollar (kiwi) suffered early in the month as that currency weakened against the US dollar leading up to the mid-month FOMC meeting which was widely expected to be hawkish. Our models then flipped to short the kiwi only to see the currency begin to strengthen when the US dollar sold off on the more dovish than expected message delivered by the Federal Reserve. Commodity holdings modestly detracted from the Trust during March. Some of the largest monthly losses came from the energy, precious metal, industrial metal, and meat sub-sectors. Partially offsetting gains were found in the soft commodity and grain sub-sectors, with some of the best profits coming from sugar and wheat. Stock index holdings contributed the strongest profits to the Trust during the month. Some of the best gains were found via long positions on European stock indices which benefited from the ongoing global reflation trade and dampening concerns around anti-EU political populism in the region. Our models also saw success in Asia as long positioning within Australia, Hong Kong, and Taiwan proved profitable as ongoing improvements in the Chinese economy, linked with enduring hopes for US tax reform and infrastructure spending, supported shares around the globe.

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April gains came from stock index, foreign exchange, and interest rate holdings while commodities produced some partially offsetting losses for the Trust. Stock index holdings contributed the strongest profits to the Trust during the month. Global stock markets generally shook off new tensions with North Korea and a US cruise-missile strike on targets in Syria. A market-friendly French election outcome, above-trend US earnings growth, and movement on a number of policies by the White House all provided a positive offset to the worrisome news. Long positioning on global stock indices benefitted from the gains shown by equities during the month with some of the best profits coming from the United States and Hong Kong. Foreign exchange holdings added to the Trust gains during April. A short position on the Canadian dollar (versus the US dollar) benefitted as the loonie fell in value after President Trump announced a planned tariff on softwood lumber imports from Canada and also threatened to withdraw from the North American Free Trade Agreement (NAFTA). Some partially offsetting losses were seen from a short on the euro (versus the US dollar) when currency markets cheered the French election outcome and sent the euro sharply higher late in the month. Interest rate positions produced some additional profits. Long positioning on 10-year notes in Canada and Japan saw some of the best monthly gains within the sector as yields fell in those countries which sent bond prices higher. Commodity holdings produced losses during the month. Long positioning on crude suffered when that market saw a price drop as record US crude stockpiles began to raise doubts about OPEC’s ability to curtail a global supply glut. Long holdings on the industrial metals showed losses when an unwind of the global reflation trade pushed commodity prices lower. Some gains were found in long positioning on live cattle which saw sharp price gains amid supply concerns following declines in slaughter estimates and a drop in cold storage inventories.

May shows losses caused by foreign exchange and commodity positions, while stock index and interest rate holdings produced partially offsetting gains for the Trust. Foreign exchange holdings produced some of the largest losses during May. Long positioning on the US dollar against most developed currencies drove the decline. An ongoing unwind of the Trump-induced reflation-trade, linked with some mixed US economic data and generally stronger European data, conspired to send the greenback lower during the month. The political turmoil that gripped Washington DC added to the US dollar angst while a soothing of political tensions in Europe, due to the election of Emmanuel Macron in France, helped support European currencies. Commodity holdings also produced losses during the month. Long positioning on natural gas suffered when that market saw a price drop as mild weather in the US reduced demand and as a new trade agreement with China is expected to encourage US drillers to produce more of the commodity. A short cocoa position suffered amid flood conditions and unrest in the Ivory Coast which sent prices higher. The grains produced some partially offsetting gains as a short soybean position profited from a sell-off in that market due to continued concerns surrounding increased South American planting expectations and steady US planting progress. Long holdings on global stock indices contributed some of the strongest profits to the Trust. Some of the best gains were seen in Hong Kong and the US as technology stocks performed particularly well. Improving global growth, linked with still-accommodative central banks and ongoing hope the Trump administration will ultimately get tax reform and infrastructure spending passed, kept the buy-the-dip mentality firmly in place. Interest rate positions produced additional profits. Long positioning on 10-year notes in Canada, Australia, and Germany produced gains as central banks in those regions indicated they planned to remain patient with their accommodative policies.

The Trust showed a loss in June led down by Interest Rate Holdings as losses came from interest rate, commodities and foreign exchange positions, while stock index holdings had little impact on the Trust’s profit & loss (P&L) during the month. Interest rate positions produced the largest losses for the Trust during June. Long positioning on European, Australian, United Kingdom, and Canadian interest rate notes were some of the worst performing markets within the sector for the Trust. Late in the month, Mario Draghi, President of the ECB, gave a speech at the opening of the ECB's Forum on Central Banking which heightened expectations for monetary policy tapering in Europe. In subsequent days, several other major central banks, such as the Bank of England (BOE) and the Bank of Canada (BOC), also delivered more hawkish messages. The US has already embarked on a series of interest rate hikes and the Federal Open Market Committee (FOMC) has indicated that more hikes are likely to come. The specter of an end to ultra-loose monetary policy on both sides of the Atlantic triggered a widespread sell-off in global fixed income markets which sent global yields higher and had a detrimental impact on the Trust. Commodity holdings produced additional losses during June. Some of the worst losses came from short positioning on wheat which rose amid declines in crop conditions, strong export sales, and a weaker US dollar. Partially-offsetting gains were found in short energy positions as the crude complex saw a broad-based sell-off. Short soft commodity holdings benefitted from a decline fueled by ample supply expectations. Foreign exchange markets also contributed to losses this month. Long holdings on the US dollar against the Canadian dollar was one of the worst performing FX positions. The loonie appreciated about 4% versus the US dollar as the BOC kick-started the theme of policy normalization which led to losses. Long holdings on global stock indices ended the month showing little impact on the Trust. Early month gains were given back late in June as investors were unnerved by the global rise in rates which pushed many markets down from recent highs.

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The Trust showed a gain in July led by foreign exchange and stock index positions, while commodity and interest rate holdings produced partially offsetting losses during the month. Foreign exchange positions produced some of the strongest monthly gains for the Trust. Broad-based US dollar weakness during July was the result of expectations that the US Federal Reserve would have to pause their recent path of higher interest rates due to weaker inflation readings for the US economy. In addition, the unpredictability of the Trump administration and the general inability of the US Congress to make progress on any substantive policy priorities weighed on the US currency. Some of the best gains were found in long positioning on the Australian dollar, euro, Canadian dollar, and Norwegian krone (all versus short US dollars). Long holdings on global stock indexes also contributed to profits. Some of the best returns were found in Hong Kong, the United States, India, and the Netherlands. Second quarter earnings reports were generally stronger than expected and a less hawkish US Federal Reserve both provided a tailwind for stocks. Equities saw a period of unusually low volatility with the S&P VIX index touching an all-time low during July. Commodity holdings produced some of the largest losses during July. A short soybean holding drove losses in the grains sub-sector as the market rallied amid lowered crop conditions. A short position on silver was hurt amid higher demand and a weaker US dollar which conspired to send the price of the precious metal higher. In the softs sub-sector, a coffee short suffered as that market advanced to a 3-month high amid the weaker dollar and falling expectations for the Brazilian crop. Small offsetting gains were found in the energy sub-sector where a long on gasoline benefited from higher prices as crude inventories showed a contraction during the month. Interest rate positions produced some smaller losses for the Trust. Choppy price action was difficult for the trading systems to navigate as rate markets grappled with changing central bank messaging and a consolidation of the sharp sell-off seen in June.

The Trust showed a gain in August led by interest rate and commodity holdings, while foreign exchange and stock index positions produced some partially offsetting losses during the month. Interest rate positions produced the best gains for the Trust. Long positioning on German and Japanese long-term interest rate notes contributed some of the best sector gains. Early in the month, a spike in demand for safe-haven assets drove bond prices higher amid new threats by North Korea to launch missiles at the US territory of Guam. Later in the month, bonds benefitted again when North Korea launched a missile that flew over Japan, triggering a new round of safety-seeking trades. Commodity holdings produced some additional profits during August. Long positioning on copper and zinc experienced gains on the back of strengthening Chinese demand and improving macro conditions. Short wheat positions also produced profits as those markets sold-off amid steady harvest progress and improved crop ratings. The Trust experienced some partially offsetting losses in the energies, precious metals, and meats sub-sectors. Foreign exchange positions produced losses for the Trust. Long positioning on the New Zealand dollar (versus the US dollar) suffered when that country’s central bank took a more dovish tone in the monetary policy statement they issued early in August. The head of their central bank, Graeme Wheeler, then continued to jawbone down the currency in speeches later in the month. Long positioning on the British pound (versus the US dollar) also caused losses when that currency fell in value as UK economic data lagged Europe and prospects for higher UK interest rates diminished. Global stock indexes also contributed to losses during the month. Short positioning on the S&P 500 Volatility Index (also known as the VIX) produced losses for the Trust as that index shot up more than 30% amid the North Korean missile threats early in August. Some partially offsetting gains were found in a long holding on the Hang Seng Index in Hong Kong which continued its strong year-to-date uptrend.

September shows losses from foreign exchange, commodity, and interest rate holdings, while stock index positions produced some partially offsetting gains during the month. Foreign exchange positions produced losses for the Trust. Short US dollar positioning against a variety of developed market and emerging market currencies drove the Trust declines. The US dollar began to strengthen post the September 20th Federal Open Market Committee (FOMC) interest rate meeting. On balance, the FOMC communication was more hawkish than expected. Later in the month, several FOMC members reinforced the hawkish rhetoric which cemented expectations for one more interest rate hike in 2017 which fueled the US dollar higher, hurting the Trust. Commodity holdings produced additional losses during September. The biggest sub-sector losses were found within the industrial metals complex. Long positioning on copper and nickel suffered due to the stronger US dollar and amid several bearish developments in China. Long positioning on gasoline also led to losses when that market sold-off as the impact from Hurricane Harvey on the Gulf Coast refinery infrastructure was less severe than originally expected. Interest rate positions created further losses for the Trust. Long positioning on German government notes produced some of the largest losses within the sector. German notes fell in tandem with US notes as a reflation trade fueled by President Trump’s tax overhaul plan generally pushed global yields higher. Global stock indexes contributed some partially offsetting gains for the Trust. Long positioning in Japan, the United States, and continental Europe produced some of the best gains. A weaker yen helped boost shares in Japan. In the US, shares traded higher as prospects for tax reform trumped two major hurricanes and threats from North Korea. A still accommodative European central bank and the reelection of Chancellor Angela Merkel in Germany kept a strong tailwind behind stocks in that region.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Introduction

Past Results Not Necessarily Indicative of Future Performance

The Trust is a speculative commodity pool. The market sensitive instruments held by it are acquired for speculative trading purposes, and all or a substantial amount of the Trust's assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Trust's main line of business.

Market movements result in frequent changes in the fair market value of the Trust's open positions and, consequently, in its earnings and cash flow. The Trust's market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Trust's open positions and the liquidity of the markets in which it trades.

The Trust rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Trust's past performance is not necessarily indicative of its future results.

Standard of Materiality

Materiality as used in this section, "Quantitative and Qualitative Disclosures About Market Risk," is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage and multiplier features of the Trust's market sensitive instruments.

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Quantifying the Trust's Trading Value at Risk

Quantitative Forward-Looking Statements

The following quantitative disclosures regarding the Trust's market risk exposures contain "forward-looking statements" within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

The Trust's risk exposure in the various market sectors traded is estimated in terms of Value at Risk (VaR). The Trust estimates VaR using a model based upon historical simulation (with a confidence level of 97.5%) which involves constructing a distribution of hypothetical daily changes in the value of a trading portfolio. The VaR model takes into account linear exposures to risks, including equity and commodity prices, interest rates, foreign exchange rates, and correlation among these variables. The hypothetical changes in portfolio value are based on daily percentage changes observed in key market indices or other market factors to which the portfolio is sensitive. The Trust's VaR at a one day 97.5% confidence level corresponds to the negative change in portfolio value that, based on observed market risk factors, would have been exceeded once in 40 trading days or one day in 40. VaR typically does not represent the worst case outcome.

The Trust uses approximately one quarter of daily market data and revalues its portfolio for each of the historical market moves that occurred over this time period. This generates a probability distribution of daily "simulated profit and loss" outcomes. The VaR is the 2.5 percentile of this distribution.

The VaR for a sector represents the 2.5 percentile of outcomes for the aggregate exposures associated with that sector alone. The current methodology used to calculate the aggregate VaR represents the VaR of the Trust's open positions across all market sectors, and is less than the sum of the VaRs for all such market sectors due to the diversification benefit across asset classes.

The Trust's VaR computations are based on the risk representation of the underlying benchmark for each instrument or contract and does not distinguish between exchange and non-exchange dealer-based instruments. It is also not based on exchange and/or dealer-based maintenance margin requirements.

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VaR models, including the Trust's, are continually evolving as trading portfolios become more diverse and modeling techniques and systems capabilities improve. Please note that the VaR model is used to numerically quantify market risk for historic reporting purposes only and is not utilized by the Trust in its daily risk management activities. Please further note that VaR as described above may not be comparable to similarly titled measures used by other entities.

Because the business of the Trust is the speculative trading of futures and forwards, the composition of the Trust's trading portfolio can change significantly over any given time period, or even within a single trading day, which could positively or negatively materially impact market risk as measured by VaR.

The Trust's Trading Value at Risk in Different Market Sectors

The following tables indicate the trading Value at Risk associated with the Trust's open positions by market category as of ~~March 31,~~September 30, 2018 and December 31, 2017 and the trading gains/losses by market category for the ~~three~~nine months ended ~~March 31,~~September 30, 2018 and the year ended December 31, 2017.

	September 30, 2018
Market Sector	Value at Risk*			Trading Gain/(Loss)**
Commodities		0.70	%		(1.21	)%
Currencies		0.85	%		0.81	%
Interest Rates		0.33	%		0.58	%
Stock Indices		0.72	%		(4.53	)%
Aggregate/Total		1.31	%		(4.35	)%

March 31, 2018
Market Sector Value at Risk* Trading Gain/(Loss)**
Commodities 0.80 % (0.21 )%
Currencies 0.71 % 0.73 %
Interest Rates 0.42 % 1.51 %
Stock Indices 1.60 % (5.20 )%
Aggregate/Total 2.66 % (3.17 )%

The VaR for a sector represents the 2.5 percentile of outcomes for the aggregate exposures associated with that sector alone. The aggregate VaR represents the VaR of the Trust's open positions across all market sectors, and is less than the sum of the VaRs for all such market sectors due to the diversification benefit across asset classes.

**	Represents the gross trading for the Trust for the ~~three~~nine months ended ~~March 31,~~September 30, 2018.

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	December 31, 2017
Market Sector	Value at Risk*			Trading Gain/(Loss)**
Commodities		0.53	%		(5.04	)%
Currencies		0.42	%		(5.05	)%
Interest Rates		0.52	%		(4.29	)%
Stock Indices		0.74	%		21.08	%
Aggregate/Total		1.24	%		6.70	%

December 31, 2017
Market Sector Value at Risk* Trading Gain/(Loss)**
Commodities 0.53 % (5.04 )%
Currencies 0.42 % (5.05 )%
Interest Rates 0.52 % (4.29 )%
Stock Indices 0.74 % 21.08 %
Aggregate/Total 1.24 % 6.70 %

**	Represents the gross trading for the Trust for the year ended December 31, 2017.

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Of the 2.58% return for the year ended December 31, 2017 for Series A, approximately 6.70% was due to trading gains (before commissions) and approximately 1.15% due to investment income, offset by approximately (5.27)% due to brokerage fees, management fees, offering costs and operating costs borne by Series A.

Of the 3.09% return for the year ended December 31, 2017 for Series B, approximately 6.70% was due to trading gains (before commissions) and approximately 1.15% due to investment income, offset by approximately (4.76)% due to brokerage fees, management fees and operating costs borne by Series B.

Of the 5.23% return for the year ended December 31, 2017 for Series D, which commenced trading on October 1, 2017, approximately 6.70% was due to trading gains (before commissions) and approximately 1.15% due to investment income, offset by approximately (2.62)% due to brokerage fees, management fees, performance fees, offering costs and operating costs borne by Series D.

Of the 4.62% return for the year ended December 31, 2017 for Series W, approximately 6.70% was due to trading gains (before commissions) and approximately 1.15% due to investment income, offset by approximately (3.23)% due to brokerage fees, management fees, service fees, offering costs and operating costs borne by Series W.

Material Limitations of Value at Risk as an Assessment of Market Risk

The following limitations of VaR as an assessment of market risk should be noted:

1)	Past changes in market risk factors will not always result in accurate predictions of the distributions and correlations of future market movements;

2)	Changes in portfolio value caused by market movements may differ from those of the VaR model;

3)	VaR results reflect past trading positions while future risk depends on future positions;

4)	VaR using a one day time horizon does not fully capture the market risk of positions that cannot be liquidated or hedged within one day; and

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5)	The historical market risk factor data for VaR estimation may provide only limited insight into losses that could be incurred under certain unusual market movements.

VaR is not necessarily representative of historic risk nor should it be used to predict the Trust's future financial performance or its ability to manage and monitor risk. There can be no assurance that the Trust's actual losses on a particular day will not exceed the VaR amounts indicated or that such losses will not occur more than once in 40 trading days.

Non-Trading Risk

The Trust has non-trading market risk on its foreign cash balances not needed for margin. However, these balances (as well as the market risk they represent) are immaterial. The Trust also has non-trading market risk as a result of investing a portion of its available assets in U.S. Treasury Bills held at the ~~broker~~brokers and over-the-counter counterparty. The market risk represented by these investments is minimal. Finally, the Trust has non-trading market risk on fixed income securities held as part of its cash management program. The cash manager will use its best endeavors in the management of the assets of the Trust but provide no guarantee that any profit or interest will accrue to the Trust as a result of such management.

Qualitative Disclosures Regarding Primary Trading Risk Exposures

The following qualitative disclosures regarding the Trust's market risk exposures — except for (i) those disclosures that are statements of historical fact and (ii) the descriptions of how the Trust manages its primary market risk exposures — constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. The Trust's primary market risk exposures as well as the strategies used and to be used by Campbell & Company for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Trust's risk controls to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Trust. There can be no assurance that the Trust's current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short- or long-term. Investors must be prepared to lose all or substantially all of their investment in the Trust.

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The following represent the primary trading risk exposures of the Trust as of ~~March 31,~~September 30, 2018 by market sector.

Currencies

The Trust's currency exposure is to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. These fluctuations are influenced by interest rate changes as well as political and general economic conditions. The Trust trades in a large number of currencies, including cross-rates — i.e., positions between two currencies other than the U.S. Dollar. Campbell & Company does not anticipate that the risk profile of the Trust's currency sector will change significantly in the future.

Interest Rates

Interest rate movements directly affect the price of the sovereign bond positions held by the Trust and indirectly the value of its stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries materially impact the Trust's profitability. The Trust's primary interest rate exposure is to interest rate fluctuations in the United States and the other G-7 countries. Campbell & Company anticipates that G-7 interest rates will remain the primary rate exposure of the Trust for the foreseeable future. Changes in the interest rate environment will have the most impact on longer dated fixed income positions, at points of time throughout the year the majority of the speculative positions held by the Trust may be held in medium to long-term fixed income positions.

Stock Indices

The Trust's primary equity exposure is to equity price risk in the G-7 countries as well as Australia, Hong Kong, Singapore, Spain, Taiwan, Netherlands, India, South Africa and Sweden. The stock index futures traded by the Trust are by law limited to futures on broadly based indices. The Trust is primarily exposed to the risk of adverse price trends or static markets in the major U.S., European and Japanese indices. Markets that trade in a narrow range could result in the Trust's positions being "whipsawed" into numerous small losses.

Energy

The Trust's primary energy market exposure is to natural gas, crude oil and derivative product price movements often resulting from international political developments and ongoing conflicts in the Middle East and the perceived outcome. Oil and gas prices can be volatile and substantial profits and losses have been and are expected to continue to be experienced in this market.

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Metals

The Trust's metals market exposure is to fluctuations in the price of aluminum, copper, gold, nickel, palladium, platinum, silver and zinc.

Agricultural

The Trust's agricultural exposure is to fluctuations of the price of cattle, cocoa, coffee, corn, cotton, hogs, soy, sugar and wheat.

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the primary non-trading risk exposures of the Trust as of ~~March 31,~~September 30, 2018.

Foreign Currency Balances

The Trust's primary foreign currency balances are in Australian Dollar, British Pounds, Canadian Dollar, Euros, Hong Kong Dollar, Japanese Yen, Singapore Dollar, South African Rand and Swedish Krona. The Trust controls the non-trading risk of these balances by regularly converting these balances back into dollars (no less frequently than twice a month, and more frequently if a particular foreign currency balance becomes unusually large).

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Fixed Income Securities

The Trust's primary market exposure in instruments (other than treasury positions described in the subsequent section) held other than for trading is in its fixed income portfolio. The cash manager, PNC, has authority to make certain investments on behalf of the Trust. All securities purchased by the cash manager on behalf of the Trust will be held in the Trust's custody account at the custodian. The cash manager will use its best endeavors in the management of the assets of the Trust but provides no guarantee that any profit or interest will accrue to the Trust as a result of such management.

U.S. Treasury Bill Positions Held for Margin Purposes

The Trust also has market exposure in its U.S. Treasury Bill portfolio. The Trust holds U.S. Treasury Bills with maturities no longer than six months. Violent fluctuations in prevailing interest rates could cause minimal mark-to-market losses on the Trust's U.S. Treasury Bills, although substantially all of these short-term investments are held to maturity.

Qualitative Disclosures Regarding Means of Managing Risk Exposure

The means by which the Trust and Campbell & Company, severally, attempt to manage the risk of the Trust's open positions is essentially the same in all market categories traded. Campbell & Company applies risk management policies to its trading which generally limit the total exposure that may be taken per "risk unit" of assets under management. In addition, Campbell & Company follows diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups), as well as reducing position sizes dynamically in response to trading losses.

General

The Trust is unaware of any (i) anticipated known demands, commitments or capital expenditures; (ii) material trends, favorable or unfavorable, in its capital resources; or (iii) trends or uncertainties that will have a material effect on operations. From time to time, certain regulatory agencies have proposed increased margin requirements on futures contracts. Because the Trust generally will use a small percentage of assets as margin, the Trust does not believe that any increase in margin requirements, as proposed, will have a material effect on the Trust's operations.

Item 4. Controls and Procedures.

Campbell & Company, the managing operator of the Trust, with the participation of the managing operator's chief executive officer and ~~chief financial officer,~~managing director, operations and finance, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) or 15d-15(e)) with respect to the Trust as of the end of the period covered by this quarterly report. Based on their evaluation, the chief executive officer and ~~chief financial officer~~managing director, operations and finance have concluded that these disclosure controls and procedures are effective. There were no changes in the managing operator's internal control over financial reporting applicable to the Trust identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the last fiscal quarter that have materially affected, or is reasonably likely to materially affect, internal control over financial reporting applicable to the Trust.

3238

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PART II-OTHER INFORMATION

Item 1. Legal Proceedings.

None

Item 1A. Risk Factors.

None

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None

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Item 6. Exhibits.~~Exhibits.~~

Exhibit Number		Description of Document

3.01		Articles and Plan of Merger of the Campbell Fund Limited Partnership with and into the Registrant dated January 2, 1996 ⁽¹⁾

3.02		Amended and Restated Declaration of Trust and Trust Agreement of the Registrant dated February 3, 2010 ⁽²⁾

10.01		Advisory Agreement between the Registrant and Campbell & Company LP ⁽¹⁾

10.02		Global Institutional Master Custody Agreement ⁽²⁾

10.03		Investment Management Agreement with PNC Capital Advisors LLC, as cash manager ⁽³⁾

31.01		Certification of G. William Andrews, Chief Executive Officer, pursuant to Rules 13a-14 and 15d-14 of the Securites Exchange Act of 1934.

31.02		Certification of ~~Gregory T. Donovan, Chief Financial Officer,~~Gabriel A. Morris, Managing Director, Operations and Finance, pursuant to Rules 13a-14 and 15d-14 of the Securites Exchange Act of 1934.

32.01		Certification of G. William Andrews, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002.

32.02		Certification of ~~Gregory T. Donovan, Chief Financial Officer,~~Gabriel A. Morris, Managing Director, Operations and Finance, pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002.

101.01		Interactive data file pursuant to Rule 405 of Regulation S-T: (i) Condensed Schedules of Investments ~~March 31,~~September 30, 2018 and December 31, 2017, (ii) Statements of Financial Condition ~~March 31,~~September 30, 2018 and December 31, 2017, (iii) Statements of Operations For the Three Months and Nine Months Ended ~~March 31,~~September 30, 2018 and 2017, (iv) Statements of Cash Flows For the ~~Three~~Nine Months Ended ~~March 31,~~September 30, 2018 and 2017, (v) Statements of Changes in Unitholders' Capital (Net Asset Value) For the ~~Three~~Nine Months Ended ~~March 31,~~September 30, 2018 and 2017, (vi) Financial Highlights For the Three Months and Nine months Ended ~~March 31,~~September 30, 2018 and 2017, (vii) Notes to Financial Statements.

⁽¹⁾	Incorporated by reference to the respective exhibit to the Registrant's Form 10 filed on April 30, 2003.

⁽²⁾	Incorporated by reference to the respective exhibit to the Registrant's Quarterly Report on Form 10-Q filed on August 15, 2011.

⁽³⁾	Incorporated by reference to the respective exhibit to the Registrant's Quarterly Report on Form 10-Q filed on May 15, 2014.

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EXHIBIT INDEX

31.01		Certification of G. William Andrews, Chief Executive Officer, pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.

31.02		Certification of ~~Gregory T. Donovan, Chief Financial Officer,~~Gabriel A. Morris, Managing Director, Operations and Finance, pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.

32.01		Certification of G. William Andrews, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002.

~~32.02~~32.01		Certification of ~~Gregory T. Donovan, Chief Financial Officer,~~Gabriel A. Morris, Managing Director, Operations and Finance, pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002.

101.01		Interactive data file pursuant to Rule 405 of Regulation S-T: (i) Condensed Schedules of Investments ~~March 31,~~September 30, 2018 and December 31, 2017, (ii) Statements of Financial Condition ~~March 31,~~September 30, 2018 and December 31, 2017, (iii) Statements of Operations For the Three Months and Nine Months Ended ~~March 31,~~September 30, 2018 and 2017, (iv) Statements of Cash Flows For the ~~Three~~Nine Months Ended ~~March 31,~~September 30, 2018 and 2017, (v) Statements of Changes in Unitholders' Capital (Net Asset Value) For the ~~Three~~Nine Months Ended ~~March 31,~~September 30, 2018 and 2017, (vi) Financial Highlights For the Three Months and Nine Months Ended ~~March 31,~~September 30, 2018 and 2017, (vii) Notes to Financial Statements.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	THE CAMPBELL FUND TRUST (Registrant)

	By:	Campbell & Company, LP
		Managing Operator

Date: ~~May 15,~~November 14, 2018	By:	/s/ G. William Andrews
		G. William Andrews
		Chief Executive Officer

Delaware		94-6260018
(State of Organization)		(IRS Employer Identification Number)

	2850 Quarry Lake Drive
	Baltimore, Maryland 21209
	(Address of principal executive offices, including zip code)

	(410) 413-2600
	(Registrant's telephone number, including area code)

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at September 30, 2018 Fair Value		Liability Derivatives at September 30, 2018 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	3,250,765	$	(976,665	)	$	2,274,100
Energy Contracts	Net unrealized gain (loss) on open futures contracts		3,528,912		(307,415	)		3,221,497
Metal Contracts	Net unrealized gain (loss) on open futures contracts		4,911,278		(4,433,332	)		477,946
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		4,901,654		(1,180,138	)		3,721,516
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		1,808,560		(121,488	)		1,687,072
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		1,970,554		(1,399,682	)		570,872
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		7,181,092		(11,837,695	)		(4,656,603	)
Totals		$	27,552,815	$	(20,256,415	)	$	7,296,400

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at March 31, 2018 Fair Value		Liability Derivatives at March 31, 2018 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	5,559,595	$	(625,372	)	$	4,934,223
Energy Contracts	Net unrealized gain (loss) on open futures contracts		3,504,393		(68,597	)		3,435,796
Metal Contracts	Net unrealized gain (loss) on open futures contracts		5,881,400		(6,354,968	)		(473,568	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		809,821		(2,044,347	)		(1,234,526	)
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		302,245		(1,320,749	)		(1,018,504	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		5,939,842		(2,635,706	)		3,304,136
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		8,160,502		(11,380,190	)		(3,219,688	)
Totals		$	30,157,798	$	(24,429,929	)	$	5,727,869

	Series D ₍₁₎
	Three Months Ended
	March 31, 2018
Per Unit Performance
(for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period	$	1,052.25

Income (loss) from operations:
Total net trading gains (losses) ₍₂₎		(36.41	)
Net investment income (loss) ₍₂₎		(4.26	)
Total net income (loss) from operations		(40.67	)
Offering costs ₍₂₎		(1.29	)
Net asset value per unit at end of period	$	1,010.29
Total Return ₍₅₎		(3.99	)%

Supplemental Data

Ratios to average net asset value:
Expenses prior to performance fee ₍₄₎		2.83	%
Performance fee ₍₅₎		0.00	%
Total expenses		2.83	%
Net investment income (loss) _(3),(4)		(1.57	)%

	Fair Value at March 31, 2018										Fair Value at September 30, 2018
Description	Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	3,638	$	0		$	0	$	3,638		$	12,259	$	0		$	0	$	12,259
Fixed income securities		0		441,291,116			0		441,291,116			0		315,837,369			0		315,837,369

Other Financial Instruments
Exchange-traded futures contracts		8,947,557		0			0		8,947,557			11,953,003		0			0		11,953,003
Forward currency contracts		0		(3,219,688	)		0		(3,219,688	)		0		(4,656,603	)		0		(4,656,603	)
Total	$	8,951,195	$	438,071,428		$	0	$	447,022,623		$	11,965,262	$	311,180,766		$	0	$	323,146,028

	Fair Value at December 31, 2017
Description	Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	12,271	$	0	$	0	$	12,271
Fixed income securities		0		494,456,527		0		494,456,527

Other Financial Instruments
Exchange-traded futures contracts		8,994,460		0		0		8,994,460
Forward currency contracts		0		3,101,864		0		3,101,864
Total	$	9,006,731	$	497,558,391	$	0	$	506,565,122

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2017 Fair Value		Liability Derivatives at December 31, 2017 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	3,638,592	$	(305,890	)	$	3,332,702
Energy Contracts	Net unrealized gain (loss) on open futures contracts		4,230,158		(1,767,097	)		2,463,061
Metal Contracts	Net unrealized gain (loss) on open futures contracts		6,733,650		(2,806,128	)		3,927,522
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		6,430,613		(2,540,535	)		3,890,078
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		509,198		(498,702	)		10,496
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		853,564		(5,482,963	)		(4,629,399	)
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		17,067,988		(13,966,124	)		3,101,864
Totals		$	39,463,763	$	(27,367,439	)	$	12,096,324

Type of Instrument	Trading Gains/(Losses) for the Three Months Ended September 30, 2018			Trading Gains/(Losses) for the Three Months Ended September 30, 2017
Agriculture Contracts	$	209,385		$	(13,357,258	)
Energy Contracts		(1,590,094	)		(52,059	)
Metal Contracts		(953,901	)		(4,473,131	)
Stock Indices Contracts		3,582,132			22,514,141
Short-Term Interest Rate Contracts		2,557,125			(1,128,656	)
Long-Term Interest Rate Contracts		(7,102,904	)		1,510,743
Forward Currency Contracts		2,238,536			8,927,904
Total	$	(1,059,721	)	$	13,941,684

Line Item in the Statements of Operations	Trading Gains/(Losses) for the Three Months Ended September 30, 2018			Trading Gains/(Losses) for the Three Months Ended September 30, 2017
Futures trading gains (losses):
Realized**	$	(11,039,683	)	$	(35,573,374	)
Change in unrealized		7,741,426			40,587,154
Forward currency trading gains (losses):
Realized		18,335,233			14,537,016
Change in unrealized		(16,096,697	)		(5,609,112	)
Total	$	(1,059,721	)	$	13,941,684

Line Item in the Statements of Operations	Trading Gains/(Losses) for the Nine Months Ended September 30, 2018			Trading Gains/(Losses) for the Nine Months Ended September 30, 2017
Futures trading gains (losses):
Realized**	$	(30,688,676	)	$	13,162,248
Change in unrealized		2,958,543			7,389,502
Forward currency trading gains (losses):
Realized		11,050,256			(12,867,578	)
Change in unrealized		(7,758,467	)		(13,266,101	)
Total	$	(24,438,344	)	$	(5,581,929	)

Offsetting of Derivative Assets
As of March 31, 2018
Type of Instrument	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	11,436,663	$	(6,768,140	)	$	4,668,523
Futures contracts	Goldman Sachs		10,560,633		(6,281,599	)		4,279,034
Forward currency contracts	Royal Bank of Scotland		8,160,502		(8,160,502	)		0
Total derivatives		$	30,157,798	$	(21,210,241	)	$	8,947,557

Derivative Assets and Collateral Received by Counterparty
As of March 31, 2018
	Net Amounts of Unrealized Gain in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	4,668,523	$	0	$	0	$	4,668,523
Goldman Sachs		4,279,034		0		0		4,279,034
Royal Bank of Scotland		0		0		0		0
Total	$	8,947,557	$	0	$	0	$	8,947,557

Derivative Liabilities and Collateral Pledged by Counterparty
As of March 31, 2018
	Net Amounts of Unrealized Loss in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments			Cash Collateral Pledged		Net Amount
UBS Securities LLC	$	0	$	0		$	0	$	0
Goldman Sachs		0		0			0		0
Royal Bank of Scotland		3,219,688		(3,219,688	)*		0		0
Total	$	3,219,688	$	(3,219,688	)	$	0	$	0

	March 31, 2018
Market Sector	Value at Risk*			Trading Gain/(Loss)**
Commodities		0.80	%		(0.21	)%
Currencies		0.71	%		0.73	%
Interest Rates		0.42	%		1.51	%
Stock Indices		1.60	%		(5.20	)%
Aggregate/Total		2.66	%		(3.17	)%